Santa Fe A/S : Moving to Singapore - Declining cost of accommodation and airfares may have...

Posted: 22/08/2017 Author: Santa Fe Relocation With delicious cuisine, beautiful and cutting edge architecture and an economy to rival some of the world's best, it's no wonder that Singapore has been a popular location for expatriates for years. But over the past few years, particularly the past 12 months, expat packages are declining in value. According to ECA International, a benefits consulting firm, Singapore's average expat packages including salary, tax and benefits, fell 6% this year to $316,000pa and widened the ever-growing gap between Singapore and its closest rival - Hong Kong. With the Hong Kong dollar being far stronger than the SGD against the USD or the GBP, expat packages fell by only 2% in Hong Kong in 2017, reaching $356,800 per annum. But is the declining value of the SGD to the USD/GBP to blame for the decline in expat package values? Matthieu Imbert-Bouchard, managing director of Robert Half Singapore, has suggested that it could all be to do with the declining cost of accommodation and airfares. With the price of some benefits that may have been offered as part of expat packages declining, the availability of any help or assistance with these costs is rapidly being reduced in Singapore, and with salaries dropping just as fast, expats are finding it more and more difficult to afford to live and work. Increasingly, businesses are starting to calculate expat packages using the local salary for the new location as opposed to the salary that the expatriate is already earning. They may adjust the amount by looking at the cost of living and other allowances as well as tax, but employees are starting to find that their salaries are coming out far lower than they would have been earning had they stayed at home. But is it still worth moving to Singapore anyway? Salaries in Singapore are actually at a high compared to the past five years, at least in terms of SGD and with low taxes to accompany this, more of the salary will be available to be utilised by the employee themselves. The continuing popularity of Singapore among expats could very well be sign that Singapore doesn't need to tempt companies and their employees with expensive packages. So why would that be the case? Singapore, as a whole, has a higher quality of living for money compared to some of its competitors. The money spent on a clean, safe, high-quality apartment in Singapore may only get you a small studio with minimal facilities in Hong Kong. Outside of accommodation, however, food and public transport is also a lot more affordable than any country in Europe or the USA, and with a fast and effective transport system and access to Uber, you may not even need to pay out for your own car! So if you're still considering moving to Singapore, it could still be worth the trip. While expatriate packages are declining, the costs that you may incur while working there are declining too. If you're willing to cover the costs of relocating yourself, an expat package could still very much be worth it, and Singapore could still be an attractive, fruitful place to relocate to. For more information about your move to Singapore, don't hesitate to get in touch. Santa Fe Group A/S published this content on 22 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 August 2017 15:52:04 UTC.

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