Average Salary Hong Kong Expat
Average Salary Hong Kong Expat – Editorial.null The average Hong Kong expat package has now reached HKD 2.2 million per year August 25, 2020 comment icon 0 comments as icon 0 likes
The value of overseas plots in Hong Kong continued to rise in 2019, despite the city’s political turmoil, according to new information from consultancy ECA International.
Average Salary Hong Kong Expat
The average cost of hiring a mid-level foreign worker in Hong Kong cost a company US$284,466 (HK$2,231,611), including an average cash salary of US$88,126 (HK$691,344). Expatriate packages include three main elements: cash salary, benefits (such as accommodation, international schools or cars) and taxes. Expatriate wages in Hong Kong increased by 1.2% compared to 2018.
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“Hong Kong bucked the global trend of lower immigrant packages in 2019 and is one of the only countries in our ranking to see all aspects of average package growth,” said Lee Quane, regional director for Asia at ECA International, added that the salary increase of 1.2% was still significantly lower than in previous years.
While the ECA data is not specific to the banking sector, the two headhunters we spoke to in Hong Kong say anecdotally that expat salaries in banks rose last year, despite cost pressures on banks as civil unrest affected the Hong Kong economy. “While the events of the past year made Hong Kong a less desirable place to work, banks needed to maintain competitive salaries to recruit and retain international talent,” said one recruiter.
In comparison, Singapore remains a reasonably priced country to hire expatriate staff, with the total cost of a mid-level expatriate worker at US$232,454. The gap between the cost of hiring expats in Singapore compared to Hong Kong has widened further over the past year to 18%, continuing a long-term trend, according to the ECA. Singapore is now only the ninth most expensive country in Asia to hire foreign staff, behind markets such as Taiwan and Thailand.
That’s not to say expats based in Singapore are poorly paid: the median cash wage there is $88,045 – just behind Hong Kong. “The main reason for Singapore’s more favorable ranking in terms of costs compared to other countries in Asia is the low costs associated with taxation compared to most other countries in our ranking and the lower costs associated with benefits compared to other countries with high salaries such as for example. Hong Kong, says Quane.
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Next year’s ECA migrant report, which will focus on 2020, could see costs (including wages) falling or at least reduced in most markets. “In light of the Covid-19 pandemic, the average expat package is unlikely to increase significantly in the foreseeable future as pressure increases on businesses to manage their costs,” Quane said.
Immigration has fallen to both Hong Kong and Singapore this year due to the pandemic, recruiters say. Banks in Singapore have also come under additional pressure from the government to hire local candidates, raising wages for locals instead of expats this year.
Earlier this month, the Ministry of Manpower placed 47 employers, 30 of them in the financial services and professional services sectors, on a watch list for potentially discriminatory employment practices. All 30 service companies have a high concentration of foreign staff from individual nationalities. “Most Singaporeans are aware that we don’t have enough locals in terms of population growth to fill all the senior roles and we need to remain open to global talent,” a top headhunter told us at the start of this month. “The problem some locals have is getting hired from a certain country, like India, without a variety of citizenships,” she adds. Singapore packs everything a potential expat could want into one of the world’s smallest territories. PHOTO ST: BENJAMIN SEETOR
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SINGAPORE – Singapore emerged for the fourth consecutive year as the best place for foreigners to live and work, ahead of countries such as New Zealand, Germany and Canada in an annual survey conducted by HSBC.
But the highest expat salaries are found elsewhere – in Switzerland, the US and Hong Kong – according to the latest annual HSBC Expat Explorer survey, which surveyed 22,318 expats, including over 500 living in Singapore.
Expats here earned an average of US$162,000 ($224,000), $56,000 more than the global average – putting Singapore in fifth place for expat wages, behind Switzerland, the US, Hong Kong and China.
In No. 1 Switzerland, expats’ salary averaged $202,900 – almost double the global average. However, as the best place to live and work, Switzerland only came in eighth due to the high cost of raising children and the difficulty of making friends.
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In the survey’s three main categories, Singapore ranked third for “economy”, fifth for “families” and sixth for “experience”.
Almost half of all expats (45 percent) surveyed in Singapore said they first moved here to develop their careers, higher than the global average of 35 percent, while 38 percent said they did so to improve income theirs (global average: 24 percent).
However, it wasn’t just the lure of money – more than a quarter of those who moved to Singapore said they just wanted a challenge.
However, the survey also found that 59 percent of those who moved to Singapore said it enabled them to start saving for retirement compared to the global average of 37 percent, while almost half (45 percent) were able to save enough to buy a property (Global average: 33 percent).
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On the latter point, half of expats in Singapore said they could not afford to buy a property here, with the majority opting to buy in their home country.
When it comes to their personal lives, just under half (45 percent) of expats surveyed in Singapore said they found a long-term partner here.
In terms of family benefits, 60 percent of expat parents in Singapore, compared to a global average of 45 percent, felt their children’s health and well-being were better here than at home.
Anurag Mathur, head of retail banking and wealth management, HSBC Bank (Singapore), said in a media statement: “It’s no wonder that Singapore continues to be a drawcard for expats. Its well-established international trade and investment links , mature financial markets and strong economic growth make it an ideal home base for entrepreneurs and career-focused professionals to take advantage of growth opportunities in Asia.
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“But the main thing is the lifestyle. When I add it up, while 19 percent were originally sent by their employer, nearly half (47 percent) chose to stay in this safe, well-organized city for its lush environment, alive and provides excellent quality of life to them and their families.”
Sweden, one of the most equal countries in the world, was at the top for the family; while New Zealand, Spain and Taiwan scored highest in the experience category. Japan and China, ranked second and third globally, are the two most expensive countries in Asia to hire mid-level foreign workers, according to analysis by ECA International.
The average cost of employing a mid-level expatriate in Japan is $383,582 per year, while the package price in China is $303,567, according to the latest MyExpatriate Market Pay survey published by ECA International.
Lee Quane, Regional Director of Asia at ECA International said: “The relative cost of hiring expats in China fell significantly in 2019, with a total drop of US$6,637 on average. This is due to the weakening of the Chinese yuan over the past 12 years .up to 24 months, as well as a slowdown in economic growth in 2019 as a result of ongoing trade tensions between China and the United States.
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“This in turn has put pressure on the cost of benefits such as housing, which have fallen by an average of $3,435 in just one year.”
With several countries in Asia tightening controls on foreign workers, ECA International has found that the total cost of employing a mid-level expat in Singapore now averages US$232,454 per year (SGD216,628) – a drop of US$3,804 from last year.
The average expatriate salary has also dropped by over $2,000 to $88,045 per year (SGD119,927), according to the latest MyExpatriate Market Pay survey published by ECA International.
However, despite the reduction in costs, the country remains among the 20 most expensive countries in the world to hire foreign workers, and the ninth most expensive country in Asia to hire expats – making it cheaper than other Asian countries such as Taiwan and Thailand.
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Overall, Asia continues to be an expensive place to send migrant workers overall, with 11 of the 20 most expensive countries in the ECA global ranking being Asian countries.
Quane shared: “While the average value of an expat package has fallen in most locations in our rankings, there is no doubt that the cost of employing expats in Asia is relatively higher now compared to other countries in the world – for example, both Bangladesh and Vietnam have entered the top 20 most expensive countries in recent years.
“Further than eight.”