Employment rate hits 67.5%, exceeding pre-COVID level
It was higher by 2.3 percentage points than the 2019 figure.
The employment rate for residents aged 15 and above surpassed the pre-COVID rate in 2019 by 2.3 percentage points, to hit 67.5%.
According to the Ministry of Manpower (MOM), if Singapore’s employment rate will be ranked against Organisation for Economic Co-operation and Development (OECD) countries on overall employment rate, the Lion City would place third.
PMETs (Professionals, Managers, Executives, and Technicians) had the biggest proportion of the total number of employed residents in 2022 in terms of job profile, with a share of 64%.
Last year, PMETs accounted for 62% of all employed residents.
“The higher share reflects a highly educated workforce and sustained employment growth in sectors such as Information & Communications, Financial & Insurance, and Professional Services,” the MOM said.
Given the increase in employment, the unemployment rate fell from 3.4% to 2.6% for PMETs and from 5.1% to 4.4% for non-PMETs.
The long-term unemployment rate also decreased to around pre-COVID levels for both PMETs (0.8% to 0.5%) and non-PMETs (0.9% to 0.7%).