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Singapore's Jobless Rate Hits 14-year Low in 2011 |
| Source: |
channelnewsasia.com |
| Source Date: |
Tuesday, January 31, 2012 |
| Focus: |
Knowledge Management in Government
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| Country: |
Singapore |
| Created: |
Feb 07, 2012 |
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Singapore's unemployment rate fell to a 14-year low last year, supported by strong job creation.
The Ministry of Manpower (MOM) said the jobless rate in December was unchanged from a quarter ago, at 2 per cent.
The key findings of the ministry's "Employment Situation 2011" report showed that employment growth remained strong in 2011.
Preliminary estimates showed total employment grew by 36,300 in the fourth quarter of 2011.
This brings employment growth for the whole year to 121,300 - slightly higher than the gains of 115,900 in 2010 when the economy registered a double-digit growth.
Economists said this shows that the total economic growth is still driven largely by labour.
Associate Professor Shandre Thangavelu from the National University of Singapore's Economics Department, said: "In 2010 we had a very strong growth, a double-digit growth. In 2011, the flash estimate from the Ministry of Trade and Industry is around 4.8 per cent growth for the whole year.
"What it shows is that we are very much input-driven in 2011, because the employment creation was very large. That's a good sign, but also a bad sign... we want a more technology-driven and more capital-driven economy rather than a labour-input driven economy."
MOM said the bulk of employment gains in 2011 continued to come from services, with the addition of 95,100 workers. This was lower than the increase of 112,600 in 2010.
Boosted by public projects, construction employment rose by 22,200 in 2011, much higher than the gains of 3,400 in 2010.
Manufacturing employment grew by 2,900, as gains totalling 4,800 in the first three quarters offset the losses of 1,900 in the fourth quarter.
The ministry said layoffs increased substantially in the fourth quarter, resulting in a slightly higher number of workers affected in the whole year than in 2010.
Based on preliminary estimates, 3,600 workers were made redundant in the fourth quarter of 2011. This was substantially higher than the 1,960 laid off in the preceding quarter.
For the full year of 2011, an estimated 10,400 workers were made redundant, slightly higher than the 9,800 in 2010.
The Manpower Ministry's report also said that two in three jobs created, or 79,800, went to foreigners in response to strong manpower demand. Local employment grew by 36,600 in 2011 "with slower resident population growth and most economically active residents already employed", it said.
The report also showed that the median income of Singaporeans rose amid the tight labour market.
Among Singapore citizens in full-time employment, the median monthly income from work rose by 6.3% over the year to S$3,070 in June 2011.
This came after growth of 5.1% in 2010. After adjusting for inflation, the real income growth was 1.0% in 2011, following the 2.2% growth in 2010.
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% per annum.
Even for low-income Singaporeans at the 20th percentile, real income grew over the last five years by 11% or 2.2% per annum.
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