Workforce in Singapore
Workforce in SingaporeUpdated on Monday 18th January 2016
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The data offered by the Ministry of Manpower’s Research and Statistics Department showed that the workforce in Singapore developed in the last years, as more women and older persons enrolled on the labor market. As a general rule, the Singaporean labor market was characterized in 2014 by a low unemployment level; salary levels grew for both lower and middle income employees; our law firm in Singapore can offer you more details on the workforce available here, if you are interested in hiring employees from Singapore.
Employment rates in Singapore
According to the information presented by the Ministry of Manpower’s Research and Statistics Department, the employment rates in Singapore increased for all categories of employees. For the resident employees in the age category 25-64, the employment rate increased to 79.7%, compared to a 79% rate in 2013.
Employment rate for women with ages between 25 and 54 increased to 76% in 2014, compared to 74.3% in 2013. There were also good prospects for older employees (age category 55-64), as the employment rate in 2014 increased to 66.3%, from 65% in 2013.
The income of the resident employees increased in 2014 by 1.8%, reaching to an average salary of $3,770, as an effect of government policies aiming to improve working conditions for full-time employees; foreign investors interested in opening a company here can find out more information from our attorneys in Singapore.
Foreign employees in Singapore
One third of the working force in Singapore is represented by foreign workers; the government is trying to maintain this share, which is expected to grow at the same pace with the local workforce.
The level of foreign workforce in 2014 was of 34,000 employees; foreign employees are hired in the following sectors:
• services sector (21,500 persons);
• construction sector (9,700 persons);
• manufacturing sector (5,400 persons).
Projections for 2030 show that Singapore will need specialized workforce in the fields of healthcare (professionals and assistants) and care giving services offered to elderly and to children.
If you need further information on the workforce market, please contact our law firm in Singapore for a detailed presentation.