Daily Lessons from Life 29 January 2014 - More locals employed, unemployment stays low in 2013: MOM

"More locals employed, unemployment stays low in 2013: MOM - The Business Times Jan 29, 2014

SINGAPORE - Overall, unemployment stayed low and income growth of Singaporeans strengthened in 2013, the Ministry of Manpower revealed in its Employment Situation, 2013 report released on Wednesday.

Here is the press release from MOM:

More Locals Employed and Income Growth Strengthened Unemployment stayed low and income growth of Singaporeans strengthened in 2013.

Local employment rose more quickly in the year, as the growth in foreign workers continued to moderate amid tightened foreign manpower measures.

Preliminary estimates showed that December 2013 overall (1.8 per cent) and citizen (2.8 per cent) unemployment rates were unchanged from September 2013. For the whole of 2013, the annual average overall and citizen unemployment rates dipped to 1.9 per cent and 2.9 per cent respectively, while the resident rate remained unchanged at 2.8 per cent.

Local employment rose more quickly, as foreign workforce growth continued to moderate Supported by hirings for year-end festivities, employment growth was higher in the fourth quarter of 2013 (39,200) than in the previous quarter (33,100), but lower than in the fourth quarter of last year (44,000).

For the whole of 2013, total employment is estimated to have increased by 134,900 over the year, higher than the 129,100 in 2012. Higher employment growth over the year was mainly driven by locals, as the pace of growth in the foreign workforce continued to slow amid tightened foreign manpower measures.

In December 2013, locals accounted for 66.2 per cent of persons employed in Singapore (excluding foreign domestic workers), with foreigners forming 33.8 per cent.

Income growth strengthened in 2013, amid the tight labour market. The nominal median monthly income from work of full-time employed citizens (including employer CPF contributions) increased over the year by 7.1 per cent to $3,480 in June 2013, up from gains of 5.8 per cent in the preceding year."

I guessed these are good news for the worried Singaporean workers in the face of overwhelming challenge of cheap foreign workers and talents.

Lessons for me are:

1. keep publishing discerning information on citizens vs. non-citizens (foreign and PR separately too) to keep Singaporeans informed of the big and detailed pictures of Singapore labour market;

2. reassuring that Singaporeans are NOT unnecessarily disadvantaged by the massive inflow of cheap foreigners. Like the PM said in the dialogue with the 1000+ university reported in the page of today's The Straits Times that the next 50 years are the best years for the young Singaporeans; and that he wished he is born 50 years later!! Such optimism, is, hopefully truly shared by the young under-graduates!;

3. the next focus will be 'how to increase the level of Singaporeans at the TOP echolon of the many MNCs and Global Companies operating in Singapore' since Singapore has the BEST educational system in the world and the TOP local talents are often educated in some of the TOP world universities like Cambridge, Oxford, LSE in the UK, Harvard, Stanford, MIT, CIT, Yale, etc in the USA, INSEAD, etc in Europe, Todai/Waseda/etc in Japan, Beida/Qinghua/Fudan/JiaoDa/etc in China, etc, etc! YES? UNLESS ALL of these people just go to the GLCs!!