According to a report released on Friday, the gender pay gap in Singapore has been narrowing and there are now more women in positions of leadership. This information comes from the Ministry of Social and Family Development (MSF).
The report by MSF states that between 2018 and 2023, the unadjusted median gender pay gap for full-time resident employees in Singapore aged 25 to 54 decreased from 16.3% to 14.3%. The report stated that occupational differences are a major factor contributing to the gender pay gap. Adjusted for factors such as age, education, occupation, industry, and typical working hours, the gender pay gap narrows to 6% in 2023.
Unmeasured factors, such as the impact of parenthood and caregiving duties, which women typically bear more heavily than men, are reflected in the adjusted gender pay gap in Singapore, according to the report.
There has been a steady increase, according to the report, in the number of women holding executive positions in the public, private, and non-profit sectors. With the help of the Council for Board Diversity, the Singaporean government is aiming to have 25% female representation on the boards of the top 100 SGX-listed companies by 2025 and 30% by 2030.
It has also mandated that the top 100 charities and statutory boards have 30% female representation on their boards by a certain date. Companies are obligated to reveal the gender diversity policy of their board as per SGX regulations.
As of June 2023, the percentage of women on boards for the top 100 SGX-listed companies had tripled from 7.5% in 2013 to 22.7%. While the top 100 charities are almost at their 30% goal, statutory boards have already surpassed it as of June of last year.
An additional finding from the report is that the resident employment rate for women aged 25 to 64 increased from 69.2% to 76.6% over the last decade. Within the same time period, the gender employment gap shrank from 20.1 percentage points in 2013 to 12.4 percentage points in 2023.
The report also noted that women’s representation in traditionally male-dominated fields, such as professional, managerial, executive, and technician (PMET) positions, has been on the rise. Among PMET occupations, the percentage of women aged 15 and up increased from 42.3% in 2013 to 46.7% in 2018.
When compared to other countries, Singapore’s record on gender equality over the last decade is very encouraging.
