SINGAPORE

In a surprising turn of events, the latest Graduate Employment Survey reveals that fewer fresh polytechnic graduates have secured full-time permanent jobs in 2024 compared to previous years, yet those who did are taking home bigger paychecks.

According to the recent findings released on January 13, only 54.6% of polytechnic graduates found full-time permanent employment this year. This marks a significant decline from 60% in 2023 and 59% in 2022. The median gross monthly salary for these graduates, however, has risen by $100, from $2,800 in 2023 to $2,900 this year, showing that while securing a job is becoming increasingly difficult, the monetary rewards for those who do are improving.

Graduates from health sciences, humanities and social sciences, and information and digital technologies reported the highest salaries, maintaining a trend seen in prior years. It’s clear that specialized and in-demand fields continue to yield the best financial outcomes.

Overall, 87.5% of recent graduates secured some form of employment—whether full-time, freelance, or part-time—within six months after graduation or the completion of full-time national service (NS). This represents a stark drop from 92.7% in 2023 and 91.8% in 2022. The declining job prospects come as Singapore’s economy experiences fluctuations in recovery post-Covid-19, reflecting a broader challenge for new entrants into the workforce.

The survey included responses from 7,614 out of 10,045 fresh graduates, with data collected around October 1, 2024. Among the respondents, 50.4% actively participated in the labor force, while 48.9% were not seeking employment, opting instead to pursue further education. Alarmingly, the unemployment rate for fresh polytechnic graduates jumped to 12.5% in 2024 from 7.3% in 2023, bringing it in line with rates seen during the pandemic's peak in 2020.

Despite economic growth of 4% in 2024, up from 1.2% in 2023, the evolving job market presents challenges that institutions are actively working to address. Mr. Soh Wai Wah, principal and chief executive of Singapore Polytechnic, emphasized the importance of adaptability and industry partnerships to enhance graduates' readiness for the workforce.

Among 5,769 surveyed graduates employed this year, 5.9% were freelancing and 27% secured temporary or part-time positions. Interestingly, nearly half of those in part-time roles were simultaneously pursuing additional studies, indicating a proactive approach to career development.

As the landscape shifts, these statistics shed light on the pressing need for innovation in education and training to prepare the next generation of workers for an unpredictable job market. With the right strategies in place, future graduates may find themselves navigating this terrain with greater success.