Singapore ranks sixth in Asia in terms of expat pay packages: Survey
- POSTED: 21 May 2014 19:17
- UPDATED: 22 May 2014 09:13
Expatriates in Singapore receive pay packages that are ranked the sixth highest in Asia, according to a survey by consultancy firm ECA International.
SINGAPORE: Expatriates in Singapore receive pay packages that are ranked the sixth highest in Asia.
This is according to the latest MyExpatriate Market Pay Survey by consultancy firm ECA International.
The survey shows that the value of the overall package for expatriate middle managers in Singapore is approximately US$257,000 per year on average.
The survey showed that this puts Singapore behind Hong Kong in fifth place, and China which ranks fourth.
Japan, where both living costs and tax levels are high, remains home to Asia's highest-paid expatriates.
On average, a package for an expatriate middle manager there is worth US$379,000.
Australia takes second spot, followed by India.
"An expatriate package usually consists of a cash salary; benefits - such as accommodation, international schools, utilities or cars - and allowances for tax," said Lee Quane, Regional Manager, ECA International Asia.
"In Singapore, the most expensive part of the expatriate package is typically the benefits element: the value of these is second-highest in the region after Hong Kong," added Mr Quane.
ECA says a growing number of companies are opting to pay expatriates based on the same pay system as local staff.
However, the most common approach when determining compensation levels for executive level staff mobilised around the world, both in Singapore and globally, is still to use the employee's salary in their home country as the starting point, then adjust for cost of living, any allowances provided by the employer, and tax.
More than 295 companies took part in the survey covering 163 countries and over 10,000 people.