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By and large, Singapore’s income growth was higher than in many other developed countries, where most saw their income stagnate or decline.
Singapore's Ministry of Manpower (MOM) shared an update on how employment outcomes for Singapore citizens have evolved over the years alongside the positive economic growth.
A series of infographics was shared on Facebook with data recording the coutry’s labour force participation rate (LFPR), unemployment rate, and the annualised change in real income.
According to the findings, Singapore’s LFPR was recorded to be the highest among all other major advanced countries of 66.4%. Other countries featured in the comparison scored the following percentages:
- Canada – 65.6%
- UK – 63.3%
- Japan – 62.9%
- US – 62.6%
- Germany – 61.6%
- France – 56.3%
- Italy – 49.9%
The unemployment rate was also ranked as one of the lowest among markets compared, at 2.9%, just slightly above Japan with an unemployment rate of 2.6%. Other major advanced countries held a rate between 3% and 7.6%. On the other end of the spectrum, separate data found that those who were employed had a declining rate of average weekly total paid hours worked per employee. From 2014 to 2024, the hours fell from 46.0 to 43.3.
By and large, Singapore’s income growth was higher than what was noted in many other developed countries, where most saw their income stagnate or decline. From 2019 to 2024, Singapore’s income grew to 1.1%, while the UK recorded 0.7%. While this was so, other developed countries such as Italy, Canada, Germany, Japan, and the US saw negative results in this area.
Overall, it was concluded that the employment outcomes of Singapore citizens have been favourable in recent years, with eight out of 10 (86%) professional, managerial, executive, and technical (PMET) growth attributed to Singapore citizens from 2014 to 2024.
READ MORE: Singapore’s labour market continued to expand on the back of strong economic performance in 2024
Lead image/ Singapore Ministry of Manpower Facebook
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