Expatriates in Singapore receive pay packages that are significantly competitive in Asia.
According to the MyExpatriate Market Pay Survey by ECA International, the value of the overall package for expatriate middle managers in Singapore is approximately US$257,000 (S$ 321,532) per year on average.
The figure is the sixth highest in Asia.
“A growing number of companies operating in the major Asian hubs such as Hong Kong and Singapore are opting to pay expatriates based on the same pay system as local staff – particularly when relocating more junior staff,” the report stated.
Japan was found to be the most expensive location in the region for expatriate packages, compensating its expat middle managers US$379,000 (S$474,166) per year on average .
"An expatriate package usually consists of a cash salary; benefits – such as accommodation, international schools, utilities or cars – and tax," Lee Quane, regional director, Asia, ECA International said.
"All three components need to be added to get an accurate idea of the overall cost to companies of providing this package. For example, depending on how the package is put together, the cost of providing benefits such as housing can be considerable, often more than the cash salary element.”
Australia and India rounded up the top three countries with the highest expatriate pay packages in the region.
“The high living costs and tax levels in Japan contribute to pushing up the cost to companies of sending employees there," Quane added.
More than 295 companies took part in the survey, which covered 163 countries and over 10,000 people.