SINGAPORE — The latest graduate employment survey reveals a challenging job market for fresh university graduates in 2024, as fewer secured full-time permanent positions compared to the previous year. Despite this setback, those who found work reported an increase in their earnings.
Employment Statistics
According to the survey released on 24 February 2024, only 79.5 per cent of graduates landed full-time jobs, down from 84.1 per cent in 2023. This shift indicates a tougher landscape for recent graduates entering the workforce.
- Unemployment rates for graduates rose to 12.9 per cent in 2024, up from 10.4 per cent the prior year.
- Part-time and temporary job figures have also climbed to 6 per cent, while freelance work saw a slight increase to 1.6 per cent.
Notably, many graduates in these roles are there voluntarily, suggesting a shift in job preferences or circumstances.
Salary Insights
Among the bright spots in the survey, those who secured full-time positions reported a rise in the median gross monthly salary, which now stands at $4,500. This marks an increase from $4,317 in 2023.
- Graduates in information and digital technologies scored the highest median monthly pay at $5,600, up from $5,500.
- Other fields such as health sciences and business also registered improvements in salary.
Survey Details
Conducted among approximately 12,500 graduates from institutions like the National University of Singapore and Singapore Management University, the survey achieved a response rate of 73.3 per cent. It focused on employment status as of 1 November 2024, roughly six months after graduation.
Efforts to analyse the employment landscape continue, particularly with ongoing surveys from the Singapore Institute of Technology, with results expected later this year.
As Singapore’s economy grows at a moderate pace of 4.4 per cent in 2024, the job market remains a central concern for policymakers and educators alike—underscoring the dynamic challenges faced by today’s graduates.