Labour Force Participation Rate: The percentage of the population that is either employed or actively seeking work.
From 1976 to 2024, here's what we've observed:
(excluding the early months of the 2020 pandemic)
1. The employment rate, defined as the ratio of employed individuals to the total population, has consistently ranged from 56% to 64%, fluctuating around 60% . This stability is noteworthy considering the economic fluctuations.
2. For individuals aged 15 to 64 years, we've seen a significant uptick in labour force participation. Starting from 68% in Jan 1976, this rate has shown an almost continuous increase, reaching 80% by Jan 2024. This rise reflects various socio-economic factors, including:
- Declining birth rate
- Greater inclusion of diverse workforce segments
- Increased financial needs due to stagnant income growth
- More flexible work culture
3. When considering the broader age group of 15 years and older, the participation rate experienced a slight decline, moving from 68% in 2008 to 65% in 2024. This trend is largely attributed to demographic shifts, with an aging population impacting the overall participation figures.
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