Aging trend dampens labour force participation rate in Singapore

Singapore (The Uttam Hindu): The labour force participation rate for Singaporean residents aged 15 years and above declined for the third consecutive year to 68.2 per cent in 2024, official data showed on Thursday. The growing share of seniors with lower participation rates contributed to the decline despite rising participation in most age groups, according to the advance release of 'Labor Force in Singapore 2024' issued by the Ministry of Manpower, reports Xinhua news agency.

Up to 37.3 per cent of Singaporean residents aged 15 years and over were 55 years or older, up from 29.2 per cent a decade ago, it added. The old-age support ratio among Singaporean residents decreased from 6.0 in 2014 to 3.5 in 2024. Meanwhile, non-resident workers raised the ratio to 5.2. Despite a gradual decline in recent years, Singapore's labour force participation only comes after Stockholm and Zurich, among major cities, said the document.