​​​​​​​​​​Key findings:​

1. In 2024, the employment outcomes for residents improved across several indicators. Nominal and real incomes rose, and income inequality between the 20th percentile and median workers narrowed. There was a higher share of Professionals, Managers, Executives and Technicians (PMETs) among employed residents. Most workers who switched industries saw income increases. The employment rate increased among prime age groups, seniors, as well as persons with disabilities. Labour underutilisation stayed low, with stable resident unemployment rate and long-term unemployment rate. Time-related under-employment rate held steady, and the incidence of workers who were discouraged from seeking work fell.
2. However, ageing trends dampened the overall labour force participation rate for residents aged 15 years and over, which fell in 2024 compared to 2023. This is due to a growing share of seniors who have a lower labour force participation rate than younger age groups. However, Singapore continued to have a higher labour force participation rate than many other major cities with an ageing population. As a result of population ageing, the old-age support ratio has nearly halved from 6.0 in 2014 to 3.5 in 2024, with further declines projected (2.7 in 2030). Including non-resident workers raises this ratio to 5.2 today, offering some relief to the economic pressures of an ageing population.

For more information, please refer to the full Labour Force In Singapore Advance Release 2024​​ report.