The latest figures show that Singapore’s population stood at 5.54 million as of June. It seems like there was a growth of 1.2% from June last year.
According to a report released by the NPTD (National Population and Talent Division), the pace of growth was the slowest in more than a decade. This is mainly due to the continued slowdown in the growth of the foreign workforce. The same statistics for last year’s population figures, showed that the population growth was 1.3%.
The released report shows that the 5.54 million population figure comprises 3.38 million citizens, 530,000 PRs (permanent residents) and 1.63 million non-residents. As for the last few years, the growth of the non-resident population slowed. Last year the growth rate was 2.9% however this year it dropped to 2.1%.
“Businesses will continue to face a tight labour market. The Government will support businesses to shift towards skills-and capital-intensive ways to grow, so that businesses can continue to grow and succeed here, to create quality jobs for Singapore.”
It appears that the birth rate in Singapore has dropped, and as a result the rate for the 65 year olds and up, is growing from 12.4% last year to 13.1% this year. In conclusion, there are currently 4.9 citizens in the working age band of 20 to 64 years for each citizen aged 65 and above. A decade ago, this figure was 7.2.
“There are more citizens in the older age groups today as the ‘post-war baby boomers’ enter their silver years.”
-The report stated.