Singapore’s labour market has become more inclusive in 2024, with a narrowing of income inequality and a rising employment rate for persons with disabilities, according to research from the Ministry of Manpower.

The employment rate of persons with disabilities aged 15 to 64 has risen steadily to 33.6% in 2024 from previous years (2023: 32.7%, 2019: 28.2%). This increase reflects more support for employers to hire and train persons with disabilities, with the aim of raising their employment rate to 40% by 2030.

The nominal income level increased for both the P20 (20^th percentile, lower income) and median workers from 2023. As nominal income growth was strong and inflation eased, real incomes grew for both the P20 and median workers in 2024. Income refers to gross monthly income from employment, including employer CPF (Central Provident Fund) contributions, of full-time employed residents.

Meanwhile, the labour force participation rate for residents aged 15 and over continued to decrease from 68.6% in 2023 to 68.2% in 2024, despite an increase in participation rates across most age groups.

The decline is primarily due to a rising proportion of seniors, who have lower labour force participation rates than younger age groups.

Reflecting efforts to raise seniors’ employability, the labour force participation rate of seniors aged 55 and over has risen over the past decade.

Meanwhile, the unemployment rate (Professionals, Managers, Executives and Technicians (PMETs): 2.7%, non-PMETs: 3.4%) and long-term unemployment rate (PMETs: 0.7%, non-PMETs: 0.5%) remained low and within the historical range.

The Ministry’s data also found that 59.3% of workers who transitioned to different industries saw income increases. Over the year, there was also an increased share of workers in more productive sectors, such as financial & insurance services and information & communications. 

Further data also showed that the number and incidence of discouraged workersdeclined further to 7,400 or 0.3% of the resident labour force in 2024 from 9,100 or 0.4% in 2023. This refers to persons outside the labour force who are not actively looking for a job because they believe their job search would not yield results. Reasons cited for being discouraged include the belief that there is no suitable work available, employers’ discrimination, and lack of necessary qualifications, training, skills or experience.

The time-related under-employment rate was maintained at a low rate of 2.3%. This is defined as the percentage of persons aged 15 years and over who normally work less than 35 hours a week (i.e. part-timers) but are willing and available to engage in additional work for employed persons.