Singapore’s Ministry of Manpower ( MOM) reported on Thursday ( Nov 28 ) that the proportion of Singapore residents who work or are actively looking for jobs has continued to decline.
Out of the working-age population ( 15 and older ), 68.2 per cent were working or looking for work this year, the ministry said in an advance release of its labour force report. This is a decrease from the previous year’s peak of 68 % and 2022’s peak of 70 %. In 2021, the figure was 70.5 per share.
This decrease in employment participation is largely attributable to Singapore’s higher rate of older people living there.
Although the contribution rate has decreased among younger age groups, elderly account for a smaller share of those who are employed or seeking employment.
Just 50.5 percent of those between the ages of 65 and 69 are employed or seeking employment, compared to 94.1 % of those between the ages of 30 and 34.
Even then, Singapore’s labour force participation rate for elderly rates high compared with other big cities, the government said.  ,
Seniors over the age of 60 make up 18.9 % of the workforce, compared to 14.6 % for younger residents under the age of 30.
Mr. Ang Boon Heng, the director of the department’s labor research and statistics department, said,” The ageing population is something that we’ve been extremely troubled about.”
” It’s anything that we have been trying to emphasise, MOM is trying to bring back more older workers, trying to increase the work charges of older employees”, he said, adding that Singapore has been “very powerful” in that.
Over time, the rate has increased. Ten years ago, just 41.2 per cent of 65 to 69 year teens were working or looking for jobs.
Another consequence of Singapore’s ageing people is that the old-age help amount has been declining. For every older people, there are fewer people between the age of 20 and 64.
Every top 65 and older was supported by six younger residents in 2014. This time, the figure is 3.5, MOM said.  ,
” This amount is projected to reduce more to 2.7 in 2030″, the statement added.
” If we include foreign staff, the percentage rises to five. In order to keep the assistance for our aging population, it will be required to be open to foreign workers, according to MOM in a press release.
Mr. Ang claimed that paying higher taxes would otherwise fall on the local workplace.