Although the total cost of expatriate pay packages in Singapore for Middle Managers has fallen to a five-year low in USD terms, the country still offers some of the most attractive expatriate salary and benefits packages in the Asia-Pacific region (APAC), according to the findings of the latest MyExpatriate Market Pay survey published annually by ECA International.
The value of a typical expatriate package for Middle Managers in Singapore is now SGD 316 600 (USD 235 500).
"Singapore is a very attractive proposition for both companies and expatriates alike," said Lee Quane, Regional Director – Asia, ECA International. "Companies sending expats here offer some of the most generous salary and benefits packages in the region, sitting in the top three for both elements in the Asia Pacific rankings."
Moreover, Singapore has one of the lowest personal tax rates in the world. 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, Lee added.
The most expensive part of the expatriate package in Singapore is typically the benefits element. The benefits components are often more expensive than the assignee's net take-home pay. “Even though international school fees have risen in Singapore, the overall cost of benefits packages have fallen in USD terms by 10 per cent over a five-year period due to expatriate accommodation rental prices declining,” explained Quane.
