Each year, we can look forward to a slew of labour statistics to better understand how Singapore’s labour force is shifting and adapting to market conditions. Recently, MOM issued the Labour Force in Singapore Advance Release 2024 – giving us an early look at the statistics compiled for the year.
Here are 4 things we learned about Singapore’s workforce.
#1 Labour Force Participation Declined In 2024
Labour participation rates fell a third consecutive year in 2024 – dropping to 68.2% from a peak of 70.5% in 2021 due to temporary pandemic-related jobs. While labour participation rates grew across most age groups, a growing share of seniors – who have lower participation rates – led to this decline.
This was mainly due to Singapore’s ageing population – and perhaps an ominous nod to one of Elon Musk’s latest post: Singapore (and many other countries) are going extinct.
In 2024, 37.3% of Singapore’s workforce (characterised by those 15 and over) was 55 years or older. In 2014, just 29.2% of our workforce was over 55 years or older.
At the same time, about 32.5% of Singapore workforce is currently 65 and over.
Read Also: Increase In Retirement Age (Along With CPF Contributions): What Employers Need To Know
#2 More Elderly Staying In The Workforce Compared To A Decade Ago
While seniors led to decline in Singapore’s labour force participation rates in 2024, we can also see that there are more seniors are in the workforce today compared to 10 years ago.
In the chart below, we can see that over half of those aged 65-69 remain in the labour force today. Moreover, 13.8% of those 75 & Over remain in the workforce today compared to 8.4% a decade ago.
Read Also: Retirement And Re-Employment Act: 7 Things Employers Need To Know About Retaining Older Workers
#3 There Are Only 3.5 Working-Aged Resident For Every Elderly Resident In Singapore
On the theme of ageing population, people in Singapore will have to accept the reality that there will be fewer working-aged resident (20-64) supporting every elderly resident (65 and above) over time.
#4 More Groups Of The Population Brought Into Singapore’s Workforce
While not directly related to Singapore’s ageing workforce, we can see that resident workforce has been augmented by an increase in labour participation rate of other segments of the population.
One of the biggest ones has been the labour force participation of women. Across almost all age groups (except 20-24 when more young women are perhaps taking further studies), the labour force participation for women has been stronger.
This also goes into their older years – with many more choosing to stay in the workforce after turning 60.
Another group of the population that is increasingly participating in Singapore’s labour force are Persons w Disabilities (PwD). In the past 5 years, about 20% more PwD are participating in the labour market.
This increase perhaps reflects more support for employers to hire and train persons with disabilities through schemes such as the Enabling Employment Credit (EEC) and the Open Door Programme, with the aim to raise the employment rate of persons with disabilities to 40% by 2030.
#5 Over 70% Of Discouraged Workers Were 50 And Above
Over 70% of discouraged workers were aged 50 and above, with 33.4% of those aged 50 to 59 and 42.4% aged 60 and over. Unsurprisingly, most of these elderly discouraged workers were non-tertiary educated and had not worked for at least two years.
Read Also: Guide To Senior Employment Credit (SEC) Payouts For Employers Hiring Older Workers In Singapore
Subscribe To The DollarsAndSense Business Pass
Enjoy what you are reading and want more? Join The DollarsAndSense Business Pass and unlock access to valuable tools, exclusive networking opportunities, and tap into the wisdom of industry experts to fuel your business expansion!
