Resident employment rate claws its way up to 80.5% in June 2015

Thank robust employment gains in 2H14.

Singapore employment rate of residents aged 25 to 64 inched up, according to Ministry of Manpower (MOM). It grew to 80.5% in June 2015 from 79.7% in June 2014 thanks to strong employment gains in the second half of 2014.

MOM also reported robust median income growth over the year to June 2015 amid a pressured labour market. 

Preliminary figures show that nominal median monthly income, including employer CPF contributions, of full-time employed residents edged up over the year to $3,949 in June 2015, reflecting a 4.7% growth (5.4% in real terms). 

Meanwhile, real income growth was sustained over the past five years. It grew 3.1% per annum at the median and 2.1% per annum at the 20th percentile.

Unemployment rate was subdued in June 2015 as well. It tipped back for those aged 25 to 29 and in their 30s and 40s. On the other hand, it grew for older aged 50 and over and non-degree holders amid slower employment growth.

Further, MOM reported that employment growth tapered in the first half of 2015. The ministry stated that employment is expected to grow a slower pace than in the last half-decade, amid a gradual rise in resident labour force and continued restructuring of the economy.