SINGAPORE: This year’s Graduate Employment Survey (GES), published on Monday (May 26) by SkillsFuture Singapore, showed the effects of slower economic growth and lower hiring demand on the newest members of the workforce.
Within six months of having graduated from bachelor’s degree programmes in private education institutions between May 2023 and April 2024, nearly three-fourths (74.8%) of the 2,300 respondents who had participated in the survey had found work. In comparison, among those who graduated the year before, 83.2% had gotten employed within six months.
Among the fresh graduates who had found jobs, 46.4% were hired full-time, compared to 58.7% the year before. Notably, while 18.9% found part-time or temporary employment in 2023, this number went up to 24.2% last year. As for freelance jobs, while 5.7% of respondents landed this type of employment in 2023, last year, 4.2% ended up in the gig economy.
“This reflects the weaker overall hiring demand as compared to previous years,” the statement from SkillsFuture Singapore noted.
Interestingly, the salary of fresh graduates from private universities in full-time jobs has gone up from S$3,400 to S$3,500.
Those who studied Engineering, Sciences, and Business courses had the highest percentages of graduates in full-time permanent employment. In contrast, graduates from the Information and Digital Technologies course cluster had the highest median gross monthly salary last year.
The numbers are slightly different for students who graduated last year from Autonomous Universities (AU), Nanyang Technological University (NTU), National University of Singapore (NUS), Singapore Institute of Technology (SIT), Singapore Management University (SMU), Singapore University of Social Sciences (SUSS), and Singapore University of Technology and Design (SUTD).
Among fresh graduates from AUs, 79.5% found full-time employment, and they had a median gross monthly salary of S$4,500 in 2024.
For post-National Service polytechnic graduates, meanwhile, 65.2% found full-time jobs and received a median gross monthly salary of S$3,000.
“The PEI GES provides prospective students with valuable insights, enabling them to make informed decisions about their education and career paths. This latest survey takes place amidst global economic uncertainties and lower hiring demand. However, there are numerous resources and learning opportunities available through SkillsFuture for Singaporeans today to support their career aspirations, so that they are able to make informed choices based on skills demanded by industries and employers,” said Ms Angela Tan, Director-General (Private Education) of SSG, in the statement. /TISG
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