SINGAPORE – The employment rate of seniors has increased at a faster rate this year, surpassing pre-pandemic levels, supported by efforts to increase their employability, the Ministry of Manpower said ( MOM) Wednesday December 1.
Among Singapore residents aged 65 and over, the employment rate reached 31.7% in June this year, up from 28.5% a year ago, according to MOM’s annual market report. job.
The employment rate of seniors this year exceeded the pre-Covid-19 rate of 27.6% in 2019.
The news comes after it was announced on November 1 that the retirement age for Singapore workers will be gradually raised to 65 under the law, with the re-employment age rising to 70, to support Singaporeans older people who wish to continue working to do so.
The increase in employment is supported by sustained efforts to increase the employability of older adults, such as the Older Worker First-Time Adopters Grant, which provides financial support of up to $ 125,000 to progressive employers who are willing and able to implement higher internal retirement and re-employment ages. above the legal ages in force.
Employment rates have increased across different demographic groups, reflecting the economic recovery and measures to support employment, MOM said.
The employment rate of young people aged 15 to 24 fell from 30.9% in June of last year to 37.2% in June of this year, due to a greater number of students in employment. part-time or temporary work in parallel.
For residents aged 25 to 64, the employment rate fell from 80.3% in June of last year to 81.8% in June of this year.
The improvement concerns both sexes – from 87.9% to 88.9% for men and from 73.2% to 75.1% for women.
The number of residents with permanent jobs also increased, by 50,900, with 88 percent of resident employees in permanent jobs.
The proportion of employees on fixed-term contracts stood at 8.4 percent, up from 7.3 percent in June last year. This was due to increased demand for temporary labor for Covid-19 related activities and economic uncertainty. The increase is also driven by the increase in residents with contracts of less than one year.
Long-term unemployment rates for residents remained stable at 0.8% for professional, managerial, managerial and technical (PMET) jobs, and fell to 0.9% for non-PMETs after increasing l ‘last year.
The unadjusted unemployment rate for non-PMET residents improved from 6.4% in June of last year to 5.1% in June of this year.
The unemployment rate of resident PMETs also fell slightly, from 3.5% to 3.4%. However, the rates have not yet returned to pre-Covid-19 rates.
The high long-term unemployment rate compared to pre-Covid-19 suggests that some workers who were displaced earlier have encountered difficulties in their job search, MOM said.
Meanwhile, the time-related underemployment rate of residents fell from 4.1% in June last year to 3.5% in June this year, although it remains above the rates of before Covid-19.
Most groups saw improvements, including less educated and older workers, who were hit the hardest last year.
The suspension of catering services and in-person and enrichment courses during the heightened alert period led to time-related underemployment rates in June of this year, being highest in food services. catering and education. The rates were also higher than pre-Covid-19 levels.