The labour force participation rate for younger individuals also declined.
Singapore's old-age support ratio nearly halved in 2024, falling to fewer than four residents aged 20 to 64 for every elderly person aged 65 and above, down from six residents per elderly person a decade ago, MoM reported. Including foreign workers, the ratio increases to five.
The labour force participation rate for individuals aged 15 and above declined from 68.6% in 2023 to 68.2% in 2024, despite rising participation rates in most age groups.
This decline is primarily attributed to the growing proportion of seniors, who have lower labour force participation rates compared to younger age groups.
Nevertheless, Singapore's labour force participation rate for residents aged 15 and above remains higher than that of many other major cities with ageing populations.
In addition, Singapore's labour force participation rate for seniors ranks high compared to other major cities. This is due to a steady increase in the participation rate of seniors aged 55 and above over the past decade, driven by government efforts to boost their employability.
The employment rate for seniors aged 65 and above rose to 31.7% in 2024, following declines in the past two years. Seniors were mostly employed in industries such as administrative and support services, food and beverage services, and transportation and storage.
Meanwhile, in age groups where the labour force participation rate increased, the employment rate also rose. According to MoM, this suggests that the labour market successfully absorbed the additional entry of residents into the workforce.
