Grad Jobs Drop, Pay Rises

The Graduate Paradox: Fewer Jobs, Higher Pay, and the AI-Driven Future

On February 24, 2025, the latest Joint Autonomous Universities Graduate Employment Survey painted a complex picture of Singapore’s 2024 university graduates: fewer secured jobs within six months of leaving school, yet those who did saw their median salaries climb by 4.2% to S$4,500. This juxtaposition of declining employment rates—down to 87.1% from 89.6% in 2023—and rising earnings signals a seismic shift in the labor market, one propelled by global economic uncertainties and the relentless rise of artificial intelligence (AI). As industries from banking to technology embrace automation, the traditional path from degree to job is fraying, leaving graduates at a crossroads. This article delves into the survey’s findings, contextualizes them within broader trends, and argues that the future demands urgent adaptation—particularly through upskilling in AI-relevant fields like coding.

I assert that this paradox isn’t a temporary blip but a harbinger of a transformed workforce where traditional qualifications alone no longer guarantee employment. The data screams a clear message: graduates must evolve or risk obsolescence. While higher salaries for the employed are a silver lining, the growing pool of jobless degree-holders exposes a systemic failure to prepare students for an AI-dominated economy. Let’s unpack this multifaceted crisis and chart the path forward.

The Employment Decline

The 2024 survey, encompassing 12,500 fresh graduates from Singapore’s top universities, reveals a troubling trend: only 87.1% found work within six months of their final exams, a drop from 89.6% in 2023 and a steeper fall from 93.8% in 2022. Among those employed, full-time permanent roles shrank to 79.5% from 84.1% the previous year, while part-time or temporary work rose to 6% from 4%, and freelancing ticked up slightly to 1.6%. Meanwhile, unemployment surged, with 8.5% still jobless and searching, up from 6.8% in 2023, and 4.4% awaiting imminent work or ventures. This isn’t just a statistical dip—it’s a structural shift reflecting a market increasingly selective about who it hires.

What’s driving this? Global economic headwinds, including a tech sector slowdown and cautious corporate hiring post-2023, play a role. Singapore’s economy grew 4.4% in 2024, a robust recovery from 1.2% in 2023, yet businesses remain wary, prioritizing efficiency over expansion. AI is the elephant in the room: as banks like DBS cut 4,000 jobs to automate processes, and tech firms streamline with AI tools, entry-level roles—once graduate staples—are vanishing. I argue this isn’t a cyclical downturn but a permanent reconfiguration. The old promise of a degree as a job ticket is crumbling, and universities must wake up to this reality.

The Salary Surge

Amid the gloom, the median gross salary for graduates in full-time permanent roles jumped 4.2% to S$4,500 (US$3,376) from S$4,317 in 2023, outpacing Singapore’s 2.4% inflation rate. The business cluster led the charge, with salaries rising from S$4,150 to S$4,400, while information and digital technologies graduates topped the charts at S$5,600, up from S$5,500. Even the arts, design, and media cluster, despite the smallest gain, inched up to S$3,800. Health sciences and business also boasted high employment rates, hovering between 83% and 88%. On the surface, this looks like a win—fewer jobs, but better pay for those who snag them.

Dig deeper, and the shine fades. This salary bump reflects a polarized market: high-demand fields like tech and business reward specialized skills, while others languish. The 4.2% rise is skewed toward those who’ve aligned with industry needs—coding, data analysis, AI literacy—leaving traditional graduates behind. I contend this isn’t progress but a warning. The employed minority thrives because they’ve adapted to AI’s demands, while the unemployed majority, clinging to outdated skillsets, face rejection. This disparity will widen unless education pivots to bridge the gap.

AI’s Role: The Disruptor We Can’t Ignore

AI isn’t just a buzzword—it’s the architect of this upheaval. Globally, automation is projected to displace 50 million jobs in advanced economies by 2030, with 60% of current tasks automatable using 2025 technology. In Singapore, DBS’s plan to axe 4,000 temporary roles by 2028 exemplifies this shift, mirroring moves by global banks forecasting 200,000 job cuts in the next three to five years. Tech giants like Meta and TikTok have already trimmed staff in 2024, citing AI efficiencies, while manufacturing sees robotic systems slash labor needs by 15% since 2020. Graduates entering this landscape face a stark reality: AI doesn’t just compete with them—it replaces them.

The implications are profound. Roles once entry-level—data entry, customer service, basic analytics—are now AI’s domain, leaving graduates without a foothold. Yet, AI also creates demand: coding jobs surged 35% globally by 2024, with 1.5 million unfilled tech positions in the U.S. alone. I argue that Singapore’s graduates are at a tipping point. Those who master coding or AI-adjacent skills—like the 88.7% of tech grads employed—thrive, while others flounder. The survey’s unemployed 12.9% aren’t unlucky; they’re unprepared. AI isn’t the enemy—it’s the future, and we must harness it.

The Upskilling Imperative: Coding as Survival

Upskilling isn’t a suggestion—it’s a mandate. The survey’s high earners in tech and business underscore a truth: coding is the new literacy. Python, JavaScript, and AI frameworks aren’t niche skills—they’re baseline requirements. By 2024, workers with coding proficiency earned 20-40% more than non-technical peers, and 70% of coding bootcamp graduates saw career leaps within six months. Singapore’s SkillsFuture initiative offers a model, but it’s not enough—only 20% of firms globally provide robust retraining, leaving individuals to fend for themselves. Free resources like Codecademy and Coursera democratize access, yet uptake lags.

Why coding? It’s the key to coexisting with AI. Graduates who code can build systems, analyze data, or automate their own roles, staying ahead of the curve. Take a hypothetical NUS grad: instead of job-hunting in vain, they learn Python, land a $5,000 gig, and sidestep the 8.5% unemployment trap. I’m adamant: this isn’t optional. The 2024 employment drop is a wake-up call—degrees alone don’t cut it. Universities must embed coding into curricula, and students must seize the reins. Refusal isn’t defiance; it’s defeat.

The Systemic Failure: Education’s Reckoning

Singapore’s universities—NUS, NTU, SMU, SUSS, SUTD—produced the 12,500 surveyed graduates, yet their 87.1% employment rate exposes a disconnect. The curriculum isn’t keeping pace with AI’s advance. While health sciences and tech clusters excel, arts and engineering lag, with the latter’s median salary dipping to $4,500 from $4,600 in 2023. Globally, 85 million jobs could vanish by 2025, offset by 97 million new roles— but only for the skilled. Singapore’s 4.4% economic growth masks a skills mismatch: firms want AI-savvy hires, not generalists.

This isn’t just a graduate problem—it’s an institutional one. Education must shift from rote learning to practical, future-proof skills. Coding, data literacy, and AI ethics should be core, not electives. I argue that universities failing to adapt are complicit in the 12.9% unemployment rate. The survey’s follow-up data—97.2% employment for post-training fields like medicine—proves targeted preparation works. General degrees are relics; specialized, tech-infused education is the future. Singapore can’t afford complacency.

Embrace the Code or Fade Away

The 2024 survey isn’t a mixed bag—it’s a clarion call. Fewer jobs and higher pay aren’t contradictory; they’re two sides of an AI-driven coin. Graduates who’ve upskilled thrive, while others flounder—a divide that will deepen without action. I’m unequivocal: coding is the lifeline. The 79.5% in full-time roles didn’t luck out—they aligned with market needs. The 8.5% jobless aren’t victims—they’re casualties of inertia. AI’s takeover is inevitable, but its spoils go to the prepared.

This isn’t doom—it’s opportunity. Singapore’s graduates can lead the AI era, not trail it. The $4,500 median salary proves demand exists; the 87.1% employment rate proves it’s shrinking. My stance is clear: upskill now, or be left behind. Universities must overhaul, governments must incentivize, and students must act. The future isn’t coming—it’s here, and it speaks code.

Final Thoughts and Actionable Advice

The graduate paradox of 2024—fewer jobs, higher pay—heralds a world where adaptability trumps credentials. AI’s rise is unstoppable, but its impact is ours to shape. For students, the path is simple: start coding today. A three-month Python course can unlock a $5,000 job; a year’s effort can build a career. For educators, rethink syllabi—integrate AI tools now. For policymakers, double down on retraining—tax breaks for coding programs could slash that 8.5% unemployment figure.

​Readers, don’t wait. Open Codecademy tonight. Network with tech pros on LinkedIn. Push your university for AI courses. The survey’s lesson is stark: the future rewards the bold, not the bystander. Code your way in—or watch it pass you by.