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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Government Education Search Search: 2008 employment growth tempered by rising unemployment Channel NewsAsia - Friday, November 28 Singapore: Despite a more challenging economic outlook, employment in Singapore rose to a new high of 77.0% in 2008 from 76.5% in 2007. Between June 2007 and 2008, the resident labour force grew by 2.7%, up from 2.0% in the preceding year. The Manpower Ministry said the rise was driven by both growth in the resident population and female labour force participation rate along with continued employment of older workers. The findings published in the ministry’s “Singapore Workforce, 2008” reporthowever noted that unemployment has increased after reaching a decade low in the second half of 2007, with the less skilled remaining more vulnerable. Unemployment rose from a decade low of 2.4% in December 2007 to 3.1% in June 2008, reflecting more cautious hiring sentiments amid the economic slowdown. The report also noted that the seasonally adjusted resident unemployment rate rose further to 3.3% in September 2008 amid the economic contraction and continued weakening in economic outlook. The MOM which had conducted a Labour Force Survey in mid 2008 found that more women who were previously outside the labour force were taking up jobs. The employment rate of residents aged 55 to 64 years also increased by a percentage point over the previous year to 57.2% in 2008, and the ministry said this was due to continuing efforts to enhance the employability of older persons. Most of the new jobs taken up by residents were in Professional, Managerial, Executive & Technician (PMET) positions and this was across all major sectors, but more so in services. This group of workers PMETs now form just over half of the Singapre workforce reflecting a 41% rise from a decade ago. Reflecting the improved educational profile of Singaporeans, the number of residents employed in non—PMET occupations has fallen especially in the manufacturing,services and construction sectors. The number of Singaporeans in production related work, clerical, sales & service also went down. In terms of income, MOM found that the median monthly income for full—time employed residents rose over the year by 11% to $2,590 in 2008. After adjusting for higher inflation, the increase in median income was 4.6% and this, said the ministry partly reflects the spillover effect from the strong economic performance of 2007 and the higher number of PMETs, with higher incomes, among employed residents in 2008. —CNA/sf Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Singapore StanChart says 2 Asia consumer bank execs to leaveReuters - 1 hour 35 minutes ago RPT-GLOBAL MARKETS-Asia stocks up as bargains sought; oil slipsReuters - Friday, November 28 2008 employment growth tempered by rising unemploymentChannel NewsAsia - Friday, November 28 Slight fall for oil in quiet Asian tradeAFP - Friday, November 28 PM Lee says downturn will be protracted, but no reason to panicChannel NewsAsia - Friday, November 28 Enlarge Photo 2008 employment growth tempered by rising unemployment Most Popular – Singapore Viewed US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush Love handles increase death risk: study Obama vows 'help is on the way' for the economy Michael Jackson strikes 'amicable' deal with Arab sheikh View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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