Business - Singapore's unemployment rate hits 14-year low in 2011

Supported by strong employment creation, Singapore's unemployment rate fell to a 14-year low last year.

The Manpower Ministry said the unemployment rate in December was unchanged from a quarter ago at 2 per cent.

The key findings of the ministry's "Employment Situation 2011" report showed that employment growth remained strong in 2011.

Preliminary estimates show total employment growing by 36,300 in the fourth quarter of 2011.

This brings growth for the whole year to 121,300 - slightly higher than the gains of 115,900 in 2010.

Associate Professor Shandre Thangavelu, labour economist from the National University of Singapore, said: "In 2010 we had a very strong growth, a double digit growth. In 2011, the flash estimate from MTI is around 4.8 per cent growth for the whole year.

"So, what it shows is that we are very much input-driven in 2011 because the employment creation was very large. That's a good sign, but also a bad sign... we want a more technology-driven and more capital-driven economy rather than a labour-input driven economy."

The Manpower Ministry said the median income of Singaporeans also increased, amid the tight labour market.

Even for low-income Singaporeans at the 20th percentile, real income has grown over the last five years.

- CNA/cc

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