Declining Labour Force Participation Rate in Singapore Due to Aging Population
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Singapore, Nov 28 (NationPress) The labour force participation rate for Singaporean residents aged 15 years and older has decreased for the third year in a row, now standing at 68.2 per cent in 2024, according to official statistics disclosed on Thursday.
The increasing proportion of seniors with lower participation rates has played a significant role in this drop, even though there has been a rise in participation across most age brackets, as indicated by the preliminary findings from the 'Labor Force in Singapore 2024' report released by the Ministry of Manpower, reported by Xinhua news agency.
Currently, 37.3 per cent of Singaporean residents aged 15 years and above are aged 55 or older, a rise from 29.2 per cent a decade earlier.
The old-age support ratio for Singaporean residents has fallen from 6.0 in 2014 to 3.5 in 2024. In contrast, non-resident workers have improved this ratio to 5.2.
Despite this gradual decline, Singapore's labour force participation remains among the highest in the world, trailing only behind Stockholm and Zurich among major cities, as highlighted in the report.
