In a lot of countries worldwide, job numbers are constantly monitored for signs of weakness in an economy. This is a consistent feature of economies, not only in the US but worldwide.<\/p>\n\n\n\n
Singapore is fortunate enough to not have a high unemployment rate. Currently, the unemployment rate for Singaporean residents is 2.6% and there are 139 job vacancies per 100 unemployed people, according to the Ministry of Manpower (MOM).<\/p>\n\n\n\n
However, in any country, there are varied reasons as to why people stay out of the workforce. Singapore is no different. <\/p>\n\n\n\n
In early 2024, the MOM released a\u00a0Persons Outside the Labour Force 2023<\/a><\/em>\u00a0survey. Here are the 5 most common reasons that are cited by Singaporeans for why they stay out of the workforce.\u00a0<\/p>\n\n\n\n Read Also: What Is The Average Working Hours In Singapore For Full-Time And Part-Time Employees<\/a><\/em><\/strong><\/p>\n\n\n\n Individuals might be surprised to know that the MOM actually surveyed residents aged 15 years and over for its report. Out of the total 1.12 million Singaporeans who were outside of the labour force in 2023, 284,600 cited \u201ceducation and training-related\u201d as their main reason for doing so.<\/p>\n\n\n\n This could include pursuing a higher education or additional qualifications. It could also mean pursuing a career in vocational professions by taking on a course at a vocational training institute. <\/p>\n\n\n\n Whatever the reason, it\u2019s positive that those out of the workforce are undertaking courses to improve their chances of employment upon completion. Of course, it\u2019s not surprising that 262,500 people citing this reason were aged 15 to 24.<\/p>\n\n\n\n Even more encouraging is that over 60% of those in this bucket (172,000) had a \u201cbelow Secondary\u201d or \u201cSecondary\u201d education as their highest qualification. That signifies that those without a higher education are still intent on improving their skills sets and \u201cupskilling\u201d to better their chances of employment in future. <\/p>\n\n\n\n While retirement right now might be a pipe dream for many of us, many Singaporeans cite it as the main reason to stay out of the workforce. More specifically, 281,900 people cite \u201cretirement\u201d as the key reason for not working.<\/p>\n\n\n\n Digging deeper into the data, there are more males citing retirement (150,700) versus females citing it (131,300) when it comes to being outside the labour force. <\/p>\n\n\n\n This is surprising as Singapore actually has only 948 males per 1,000 females \u2013 meaning there are slightly more women in the overall population but there are less women citing retirement as a reason to stay out of the workforce. Perhaps, one reason for this is due to other reasons for women to stay out of the workforce, including prioritising domestic work.<\/p>\n\n\n\n Read Also: Increase In Retirement Age (Along With CPF Contributions): What Employers Need To Know<\/a><\/em><\/strong><\/p>\n\n\n\n Third on the list of most common reasons to stay out of the workforce was \u201chousework\u201d. That most likely relates to raising kids and the societal pressure that results from helping children perform well on their PSLE exams.<\/p>\n\n\n\n It\u2019s not a shock to learn that out of a total of 176,700 Singaporeans who fell into this \u201chousework\u201d bucket, 174,700 were women. That means only 2,000 men cited that as the main reason for not working \u2013 suggesting that the burden (when it comes to the running of family households) still very much falls on women. <\/p>\n\n\n\n It might be surprising to learn that 96,500 women in this segment were aged 60 & Over, significantly more than the 78,200 of the 59 & Under age group. That suggests that many older women are perhaps also helping their families in taking care of their grandchildren.<\/p>\n\n\n\n#1 Education & Training-Related<\/strong><\/h3>\n\n\n\n
#2 Retirement<\/strong><\/h3>\n\n\n\n
#3 Housework<\/strong><\/h3>\n\n\n\n