Expat packages have taken a hit as a result of lower cost of benefits and a dip in salaries.
The average pay package for a mid-level expatriate in Singapore fell by $7,284 a year, and now stands at $225,171 annually – the 17th highest in the world, ECA International said.
However, cash salaries in the republic stand at the fifth-highest globally, and the city holds the title of the location offering the best quality of living, the global mobility specialist said in its annual MyExpatriate Market Pay report, published this week.
Expatriate packages comprise three main components: the cash salary, benefits such as accommodation, international schools, utilities, or cars, and tax.
While expats take home less, the latest rankings are expected to increase the country’s attractiveness to expatriates and companies looking to set up regional hubs in the country, given the cheaper cost of employing expatriate staff, Lee Quane, Regional Director – Asia at ECA International, said.
Elsewhere, expatriate pay packages in rival regional financial hub Hong Kong dropped by over $5,000 over the last year, to a new average total of $279,399, despite an average salary increase of $265, largely due to falling accommodation costs.
Globally, Japan was the most expensive location to send workers to, overtaking the United Kingdom, with the average expatriate package there costing $405,685.