The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest…
The average pay package for a mid-level expatriate worker in Thailand has fallen by over 7% to USD 223,142 annually.
Globally, Japan overtakes the United Kingdom as the most expensive location to send workers to, with the average expatriate package there costing USD 405,685.
These were some of the findings of the latest MyExpatriate Market Pay survey published by ECA International, the world’s leading provider of knowledge, information, and software for the management and assignment of employees around the world.
When considering the cost of an expatriate package, companies need to factor in three main elements: the cash salary, benefits – such as accommodation, international schools, utilities, or cars – and tax.
To assist companies looking to relocate their staff with benchmarking their packages against the market, ECA conducts its annual MyExpatriate Market Pay Survey of pay levels for expatriates around the world, covering all the aforementioned considerations.
- Cash salaries of expatriates in Singapore remain 5th highest worldwide, despite the overall cost of employing a mid-level expatriate worker in Singapore dropping by USD 7,284.
- Expatriate packages see overall decreases in Malaysia and Hong Kong, in light of falling accommodation costs.
- Taiwan bucks the trend, moving into the top ten most expensive locations globally, as rising housing prices inflate benefit packages.
Singapore is now the 17th most expensive location globally for companies to send expatriates to, with the average pay package for a mid-level worker costing companies USD 225,171 annually.
Quane said “This drop in pay packages is partly driven by lower costs of accommodation and other benefits commonly provided to white collar expatriates, but employees themselves are also taking home approximately USD 1,000 less in cash salary than their peers in 2019. Nevertheless, cash salaries paid out to expatriates in Singapore remain the 5th highest worldwide. This means that expatriates in Singapore are more likely to be paid more compared to their peers in other locations.”
Elsewhere, Malaysia also saw a similar trend to many other nations in the world, with the cost of the average expatriate pay package…