SINGAPORE: Pay packages for expat workers have gone up in Singapore, which has risen six places and now ranks 16th around the globe for locations with the highest expat pay and benefits.
Pay packages, made up of salaries and other benefits, including insurance or a vehicle issued to an employee, are up by 4 per cent in Singapore, says the latest study from ECA International, an expat consultancy firm, called MyExpatriate Market Pay Survey.
The UK is still in first place, with an average expat package over US$440,000 (S$582,200).
Meanwhile, in Hong Kong, Singapore’s traditional rival, expat packages have decreased.
ECA’s study says, “The cost of benefits in Singapore rose by 9% in 2022 in USD terms, driven by higher rental costs.”
The main factors considered in evaluating the packages offered to expat workers are cash salary, benefits like accommodation, international schools, utilities, or cars, and taxes.
“The surge in the cost of expatriate accommodation in Singapore is being felt by locals and expatriates alike, as reflected in the 9 per cent increase in the cost of benefits in expatriate packages when measured in USD terms,” said Mr Lee Quane, Regional Director – Asia at ECA International, adding, “Only the fact that salaries fell by USD 4,000 prevented Singapore from moving up the rankings further.”
He added that for 2022, the total salary and benefits packages for expatriates in Singapore went up by 4 per cent to USD 258,762 (S$342,387).
But elsewhere in Asia, the trend is the opposite. Japan, Korea, China, and Taiwan have all experienced declines in expat pay packages when measured in US dollar terms.
Hong Kong’s salary and benefits for foreign workers fell by 2 per cent last year compared to 2021, although the city now has the world’s fifth most expensive expatriate pay and benefits package.
The average expat package in Hong Kong is USD 278,020 (S$367,888), with salaries decreasing by USD 2,400 (S$3,175) and benefits by USD 1,600 (S$2117).
In Malaysia, the expat package is the lowest in the region, falling by 4 per cent in 2022 USD 164,696 (S$217,932). /TISG