A study conducted last year revealed that more than half or 52% of expats in Singapore are dissatisfied with the city’s cost of living.
Presumably, that does not hold true anymore as a recent survey showed that expatriate pay packages in Singapore have risen by USD13,163 to a total of USD236,258, with an average salary of USD90,170.
This was indicated in the recent MyExpatriate Market Pay survey published annually by ECA International, the world’s leading provider of knowledge, information and software for the management and assignment of employees around the world.
According to a press release disseminated by ECA on Tuesday (May 21) the average expatriate salary increased by US$4,874 and benefits went up by US$6,400.
“However, with minimal increases in personal tax and extremely low tax-related costs as compared to most of the other locations in our rankings, Singapore sits at the 19th position globally,” said Lee Quane, ECA International’s regional director for Asia.
“This is good news for companies with workers currently living in Singapore though, with cash salary and benefits remaining relatively high, and taxes staying low – resulting in less expense for employers when relocating staff to the country,” Quane added.
When considering the cost of an expatriate package, companies need to factor in three main elements: salary as well as benefits – such as accommodation, international schools, utilities or cars – and tax, the survey said.
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