As you know, the COVID-19 pandemic has put many people out of a job and forced others to take pay cuts.
With businesses being snuffed out one by one, many have resorted to cost-cutting measures to survive.
Now it seems that even those earning the big bucks have been affected.
Average Expats’ Pay Dropped in 2020; Salary Dropped to About SGD$305K a Year
The average pay package for mid-level expatriate workers in Singapore has fallen by nearly S$10,000.
In 2020, mid-level expat workers were paid an average of US$225,171 (S$305,400), which was around US$7,300 lower than the previous year.
These were the findings published by ECA International after it carried out its MyExpatriate Market Pay survey.
The survey assessed 300 companies across 160 countries in 2020.
Despite the fall in salary for expats here, Singapore climbed up to 17th on the list of the most expensive locations in the world for companies to send expatriates to.
It was 19th in 2019.
Similar trends were observed in Malaysia, Hong Kong, and Thailand with the latter experiencing a huge decline in pay of nearly US$18,000 (around S$24,400).
As a result, Thailand has dropped out of the top 20 on the list of the most expensive locations to employ mid-level expats.
The drop in salary could partly be attributed to lower accommodation costs for expats, which employers benefited from.
Japan tops the list, with an average pay package of more than US$405,000 (around S$549,000).
Singapore is 14th Most Expensive City in the World for Expats
In another survey carried out by ECA International last year, Singapore was found to be the 14th most expensive city in the world for expats.
It dropped two spots from the previous year, due to the recession caused by the COVID-19 pandemic.
In Asia, however, it remained the 6th most expensive city.
Topping the list both in Asia and in the world is Hong Kong, largely due to its inordinately high housing costs.
Luanda in Angola had the biggest fall in the rankings, dropping 104 places from 37 to 141. Other countries, especially those reliant on oil, also plunged in the rankings.
Here are the rankings for 2020 in Asia:
- Hong Kong
- Tokyo, Japan
- Seoul, Korea Republic
- Yokohama, Japan
- Shanghai, China
- Singapore
- Guangzhou, China
- Shenzhen, China
- Bejing, China
- Osaka, Japan
And here are the global rankings:
- Hong Kong
- Tokyo, Japan
- New York, USA
- Geneva, Switzerland
- Zurich, Switzerland
- London, UK
- Tel Aviv, Israel
- Seoul, Korea Republic
- San Francisco, USA
- Yokohama, Japan
Read Also:
- Bosses Cannot Force Employees to Take COVID-19 Vaccines; Some Firms Giving Incentives if Employees take the Vaccine
- Some Expats in S’pore Are Suffering from Job Losses & Pay Cuts; Several Have Been Made Redundant
Featured Image: joyfull / Shutterstock.com
