The unemployment rate in Singapore was considered to be low in comparison to December, despite the business restructuring which caused a slight increase in layoffs in the fourth quarter of 2014, said the Ministry of Manpower (MOM).
The unemployment rate in Singapore was considered to be low in comparison to December, despite the business restructuring which caused an increase in downsizings in the fourth quarter of 2014, said the Ministry of Manpower (MOM). The overall unemployment rate for 2014 was a remarkably low 2%, which remained primarily unchanged from 2013.
Many employees were reduced amid business restructuring (approximately 3,800 employees were laid off in the fourth quarter of 2014. This is an increase from 3,660 in the fourth quarter of 2013). For the majority of 2014, in total 12,800 workers were made redundant on record, which is a higher total figure in 2013.
Overall employment growth was higher in the fourth quarter of 2014, as more staff were hired for end of year festivities. The overall employment in the fourth quarter of 2014 was 39,600, showing an incremental growth.
The Ministry of Manpower stated there was also a sustained increase in the average income for Singaporeans over the last five years, even as growth moderated throughout the year in 2014. The average monthly income of full-time employed citizens (before any deductions) augmented by 30% from SGD $2,748 in 2009 to SGD $3,566 in 2014.
Incomes of low-wage employees also saw an increase during the last few years, with income (including employer CPF contributions- a retirement fund) at the 20th percentile of full-time employed residents, increasing by 26% from SGD $1,468 in 2009 to SGD $1,856 in 2014.
Source: Ministry of Manpower