Core Insights - The report indicates that Singapore's labor market remains robust, with overall income growth and record-high employment quality [1] Labor Market Overview - The labor force participation rate slightly decreased to 67.9%, still ranking among the highest in OECD countries [1] - The participation rate for women aged 25 to 64 has significantly increased to 80.5% over the past decade [1] Income Growth - Nominal incomes for the bottom 20% (P20) and median (P50) groups have risen to SGD 3,164 and SGD 5,775 respectively [1] - After adjusting for inflation, real incomes for these groups increased by 3.8% and 4.3% [1] - The income ratio between P20 and median income has improved to 0.55, indicating a reduction in income disparity [1] Employment Quality - The proportion of permanent employees has reached a historical high of 90.8%, driven mainly by sectors such as professional services and information communication [1] - The job turnover rate has decreased to 6.2%, with 60% of job changers experiencing real income growth [1] - Overall unemployment and long-term unemployment rates remain low [1] Government Initiatives - The Ministry of Manpower emphasizes the need to enhance workforce resilience through skills upgrading and job matching services in response to global economic uncertainties [1]