Singapore unemployment at 14-year low, median income up

Singapore unemployment rate (seasonally adjusted). Data from Singapore Ministry of Manpower’s Employment Situation 2011 report.

Singapore seems to have more jobs than workers. Unemployment fell to a 14-year low, dropping to just 2 per cent, in 2011 and a tight labour market pushed up wages and recruitment of foreign workers.

For Singaporeans holding full-time jobs, the median monthly income from work rose by 6.3% over the year to S$3.070 (about $2,450) in June 2011.  After adjusting for inflation, the real income growth was 1.0% in 2011, following the 2.2% growth in 2010.

“In response to strong manpower demand, foreign employment (excluding foreign domestic workers) grew by 79,800 in 2011, after increasing by 54,400 in 2010,” said the Ministry of Manpower in its Employment Situation, 2011 report.

“With slower resident population growth and most economically active residents already employed, local employment grew by 36,600 in 2011, after increasing by 56,200 in 2010,” it added.

Employed in Singapore

The report, available on the ministry website, said:

As at December 2011, there were 2,029,300 locals forming 62.9% of the 3,227,200 persons employed in Singapore. The remaining 37.1% or 1,197,900 were foreigners. Excluding foreign domestic workers, the foreigners’ share of employment was 32.8% in December 2011, up from 31.4% in December 2010. (Locals also known as residents refer to Singapore citizens and permanent residents.)

For the whole of 2011, the unemployment rate averaged 2%  – 2.9 per cent for residents and 3 per cent for Singapore citizens. Residents include both citizens and permanent residents. An estimated 54,200 residents, including 48,300 Singapore citizens, were unemployed in December 2011.

Over the year, 121,300 jobs were created , up from 115,900 in 2010.

Presumably addressing reports of a growing income gap,  the report said:

Cumulatively over the last five years, the median income from work of full-time employed Singapore citizens rose in real terms by 13% or 2.5% p.a. Even for low-income Singaporeans at the 20th percentile, real income grew over the last five years by 11% or 2.2% p.a.

Singapore has a Gini coefficient of 0.472 before taxes and transfers and 0.471 after taxes and transfers, high by international standards.

Singapore’s Department of Statistics in an earlier report said:

Among resident households, median monthly income from work increased by 3.1 per cent from S$4,850 in 2009 to S$5,000 in 2010.

According  to the US Census Bureau’s Quick Facts page, US median household income between 2006 and 2010 was $51,900.

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