SINGAPORE – The landscape for fresh polytechnic graduates entering the job market in 2024 has shifted noticeably, revealing a decline in full-time employment despite an uptick in salaries.

According to the latest Graduate Employment Survey (GES) released on January 13, only 54.6% of respondents secured permanent, full-time roles, a decline from nearly 60% in 2023 and 59% in 2022.

The median gross monthly salary for graduates in full-time employment has climbed by $100, reaching $2,900 in 2024, compared to $2,800 in the previous year. This positive salary trend particularly benefits graduates from disciplines such as health sciences, humanities and social sciences, and information and digital technologies, who earn notably higher wages than their counterparts in other fields.

Challenges in the Job Market

Despite the increase in earnings, the survey highlights a growing challenge in securing full-time employment, with only 87.5% of polytechnic graduates finding jobs—permanent, freelance, or part-time—within six months after graduation or national service completion. This figure reflects a significant drop from 92.7% in 2023 and 91.8% in 2022, suggesting a tightening job market as Singapore continues to navigate the aftermath of the Covid-19 pandemic.

Survey Statistics

Of the 7,614 fresh graduates who participated in the 2024 survey, which recorded employment status as of October 1, 2024, 50.4% were actively in the labor force. Meanwhile, nearly 49% of respondents chose not to seek employment, with many opting instead to pursue further studies or prepare for academic advancement.

Unemployment Rates

The unemployment rate among new polytechnic graduates has risen sharply to 12.5% in 2024, compared to 7.3% in 2023, nearing levels seen during the peak of the pandemic in 2020.

Economic Context

The economic backdrop is complex; Singapore's economy saw a growth rate of 4% in 2024, rebounding from lower growth of 1.2% in 2023. This recovery has brought attention to the evolving job market, as businesses adjust hiring strategies in response to technological advancements, economic conditions, and external factors such as geopolitical events.

Government and Industry Responses

Dr. Maliki Osman, Second Minister for Education, highlighted the dynamism of the polytechnic education system, noting the shift in employment trends and the growing preference among graduates for advancing their studies over immediate employment. Industry leaders are keen on enhancing students' skills to adapt to the rapidly changing job landscape, emphasizing partnerships with businesses and incorporating artificial intelligence literacy into curricula.

Personal Experiences

Specific insights from industry professionals illustrate the challenges graduates face. Edwin Teo, a successful 24-year-old graduate from Republic Polytechnic, confirmed that while he currently enjoys a salary exceeding $3,000 as an intelligence officer at the Monetary Authority of Singapore, many of his peers face stiff competition and a mismatch in job requirements, often leading them to pursue further education.

Similarly, 20-year-old Seraphina Chua, a recent Nanyang Polytechnic graduate, shared her fortunate experience of receiving a job offer from NCS before graduation. However, she noted that many job listings seek candidates with significant experience, which poses barriers for fresh graduates. Recognizing the importance of higher education, she is simultaneously pursuing a degree while gaining relevant work experience through a supportive work-study program.

Conclusion

As the job market evolves, the pressure continues to mount on fresh graduates to enhance their qualifications and adapt to industry demands, ensuring that they remain competitive in a challenging employment landscape.