Fewer 2024 Uni Graduates in Full-Time Work, Higher Pay: Survey

Fewer 2024 Uni Graduates in Full-Time Work, Higher Pay: Survey

February 24, 2025 Catherine Williams - Chief Editor Business

Singapore’s Graduates Face Struggling Economy in the Job Market

Table of Contents

Singapore’s still-strong post-COVID economy faces a different type of uncertainty, even as 2024 reports come in sharp contrast. Despite the country’s robust economic growth of 4.4 percent in 2024, recent university graduates are finding the job market increasingly challenging. The latest graduate employment survey reveals a dip in the proportion of fresh graduates securing full-time permanent jobs, falling below 80 percent for the first time in recent years.

The survey, released in late February, shows that 79.5 percent of 2024 graduates secured full-time positions, down from 84.1 percent in 2023. On the flip side, those who did find full-time jobs saw higher earnings, with the median gross monthly salary rising to $4,500 in 2024, up from $4,317 in 2023. However, this silver lining doesn’t mask the troubling tangible increases in unemployment among fresh graduates. With 12.9 percent unemployed in 2024, up from 10.4 percent in 2023, many graduates are questioning their career prospects and the relevance of hard-earned degrees. To illustrate the less-than-perfect economic outlook, the .

There’s no such thing as a perfect fit,says Goh Wei Kiat, a 26-year-old full-time associate at Boston Consulting Group. His job hunt started two years before his graduation. Through various internships, Mr. Goh discovered his interest in consultancy, which he said was a better fit for him than his field of study.

Yet Kiat fever for his “fast pace, dynamic environment” demonstrates how atypical it is to find a direct path to a well-paying job. Where a part-time position he held was the exception, rather than the rule. Kiat was leaving part-time employment looking for an alternative, he found full-time role. This echo’s a sentiment thrilling the job market.

Skills Mismatch and Global Uncertainty

Economists point to several reasons for the current job market struggles that hinder entry into the tech and banking employment markets. To address employment remnants of market downturn like 2010’s, the U.S. leads in arranging solutions that parallel with adjustment of employees leaving school.

Earnings, Missed Outlook and Senator’s Consideration of High Schools

Mostly the altered policy has attracted the university system, it may advise colleges to support public schools which organize professional critical thinking and what surveys say other skills that high schools can still be teaching.

That being said in “challenging, tiring, and competitive” job market for Goh, the sharp, senior economist at OCBC, there is no indication of significant deterioration in hiring intentions.Grab more NY PostEducation is not a big factor, in this job outlook, however a report also stated the outline to give options like Apprenticeships, for all students in other countries supports this view.

Continue Notes: The median salary of USD 4,500, for a full-time student reflects an increase 4.2 percent against inflation over last year. This doesn’t offset long-term concerning shift. * Many economists have seen the bubble during the recent annual report.

As mentioned in a speech to other economists, it’s not that Nicolas roots for caregivers, but we need to implement employability as must acknowledge.

The labor embargo vastly improved with their survey stating shares hurdles. Whereas besides typical occupations show promising strengths about, and priorities in public-for-profit jobs. It would be constructive on university-leader consideration knowing whether it is becoming too problematic in the field. As said earlier, university graduates and employers, shows while working expunge several thoughts about their aspirations.

Blended databases should promote activities that unveil indispensably effective roles of practice and skills positively considered by company preferences globally.

Eye on Policy: Unemployment and Economic Growth

In less than a decade, university graduates have seen notable shifts in employment rates due to globalization. Compare the 2024 employment data against earlier surveys to best understand the trend. In this economic environment, Dr. Chua Hak Bin of Maybank echoes the sentiment that global firms are restructuring and trimming jobs.

He believes, advancements in artificial intelligence could also result in a lower demand for graduates in certain fields.

Singapore’s Graduates Face Struggling Economy in the Job Market

What is the current employment rate for fresh graduates in Singapore in 2024?

In 2024, only 79.5% of fresh graduates secured full-time permanent jobs, marking a decline from the 84.1% employment rate of 2023. this decrease highlights increased challenges in the job market faced by recent graduates [3].

How has the median gross monthly salary for fresh graduates changed in 2024?

despite the challenging job market, those fresh graduates who secured full-time positions reported a rise in their median gross monthly salary to $4,500 in 2024, up from $4,317 in 2023. This increase reflects a 4.2% rise, illustrating a positive wage trend among employed graduates [3].

Why are some graduates struggling to secure jobs directly related to their field of study?

Graduates like Goh Wei kiat have found that entry into well-paying jobs, especially in consultancy or tech fields, often requires starting in unrelated roles or through internships to discover fitting career paths. Academia may not always align with personal skills and preferences, making direct job placement in studied fields rare without adaptation and exploration of other experiences [1].

What are the primary reasons for the current employment challenges faced by graduates?

Several factors contribute to the job market struggles faced by recent graduates:

– Skills Mismatch: Graduates frequently enough possess skills that do not align with current market demands, particularly in sectors like tech and banking.

– Global Economic Factors: Restructurings and restructuring in global firms have influenced hiring patterns. Technologies such as artificial intelligence may also reduce job demands in specific fields.

– Economic Policy Adjustments: policies supporting skill boosts such as apprenticeships are increasingly advocated as alternatives to traditional degree paths, highlighting a shift in employment planning strategies globally [3].

How should graduates navigate the current job market?

To navigate the challenging job market,graduates should consider the following strategies:

– Embrace Adaptability: Be open to roles that may not directly align with your field of study but offer valuable experience and skills growth.

– Leverage Internships: Use internships and part-time positions to gain insight into preferred industries and enhance employability.

– focus on skills Development: Continuously acquire skills that are in demand in the job market,such as digital literacy and critical thinking.

– Enhance Networking: Build professional networks through events, online platforms, and educational institutions to increase job opportunities [1].

What role can education systems play in addressing graduate unemployment?

Education systems can support graduates by integrating:

– Emphasis on Critical Thinking and Other Skills: Amid challenging markets, students should learn skills that are aligned with the current job market demands.

– Apprenticeship Programs: Integrating apprenticeships into education can provide practical skills and work experience, equipping students for better job prospects.

Universities and policymakers should consider these initiatives to bridge the skills gap and enhance employment prospects for graduates as being proactive could address potential long-term unemployment concerns [2].