In preliminary labour force data released on Nov 30, the Ministry of Manpower (MOM) said resident workers at the 20th-percentile salary level saw their real incomes fall 3 per cent year on year, while those drawing the median wage saw a 2.3 per cent decrease year on year.
Singapore’s employment rate for residents aged 15 and above also fell from 2022’s historic high of 67.5 per cent in an “exceptionally tight” labour market to 66.2 per cent, said the ministry.
“Residents” refers to Singaporeans and permanent residents.
MOM said the labour market remained tight in 2023, with unemployment and long-term unemployment rates declining for both PMETs (professionals, managers, executives and technicians) and those not in such roles.
The ministry said the decline in employment rate over the year was due to more residents staying outside the labour force, and not because of difficulties in seeking employment.
The labour force participation rate among residents aged 15 and above declined from 70 per cent in 2022 to 68.6 per cent in 2023, it noted.
MOM also noted that labour demand is easing as the number of job vacancies fell for five consecutive quarters, and the ratio of job vacancies to unemployed people “also dipped significantly” for the second consecutive quarter to 1.94 in June 2023.
Non-PMETs saw a larger decline in unemployment rate, from 4.4 per cent in 2022 to 3.6 per cent in 2023, compared with that for PMETs, which dropped from 2.6 per cent to 2.4 per cent over the same period, MOM said.
The long-term unemployment rate also fell more for non-PMETs, from 0.7 per cent to 0.5 per cent, compared with a 0.1 percentage point decline to 0.4 per cent for PMETs over the same period.
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