S'pore 9th in ranking of expat pay
Expatriates here enjoy the Asia-Pacific region's third highest after-tax salary and benefits packages, coming in after Hong Kong and Japan, a new survey has found.
But Singapore's low income tax rates mean it is only the ninth most expensive expat market for their employers, said the survey by human resource firm ECA International, which was done late last year.
A typical expat package for a middle manager here is $316,600, including salary, benefits and tax, the survey found.
Once tax here is factored into the mix, Singapore drops to ninth out of 16 markets in the Asia-Pacific's most expensive markets owing to "one of the lowest personal tax rates in the world", said Mr Lee Quane, ECA regional director for Asia.
He added that this ensures that Singapore remains one of the cheaper locations for companies to send their expats to in the region - behind Japan, Hong Kong and China.
The value of the typical pay package for middle managers in Hong Kong is around $356,800, with the total cost remaining the fourth highest in the region.
Given the relative strength of the Hong Kong dollar, pay packages there have fallen only by 2 per cent.
Despite rising salaries, the overall cost of the expat packages here has fallen by 6 per cent to hit a new five-year low in US dollar terms.
Mr Quane said this is because the benefits component of the package has "fallen in USD terms by 10 per cent over a five-year period due to expatriate accommodation and rental prices declining".
Malaysia continues to offer the region's lowest total expatriate pay packages. Packages there have fallen by 13 per cent in US dollars since 2012. The average package cost there now lies just under $225,900.