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Workers in Hong Kong are expected to receive a salary increase of 4% in 2023, 0.5% higher than 2022.
While workers in Singapore will see a salary increase of 3.8%, inflation will set salaries back by 1.7% in real terms this year.
Record real-terms salary decrease is a result of 9.1 percent annual average inflation, the highest in 40 years.
Expat salary and benefits packages in Singapore rose by a modest 4% in 2021 in local currency terms despite the city’s fall to 22nd place in the rankings of the costliest places to employ expatriates globally.
Expat pay and benefits packages in Hong Kong rose by a modest USD 3 800 in 2021, to a total of USD 283 000, a rate of growth which was amongst the lowest of all locations in Asia.
A 20% rent increase cements London’s position within top five most expensive cities in the world, while a 12% increase in rental costs sees New York overtake Geneva to secure second place.
Strong currency ensures Hong Kong keeps its crown for another year.
A further rise in Singapore’s ranking was curbed by the weaker Singapore dollar against other major currencies.
Singapore has been named again as the most liveable location for expatriate workers from East Asia.
The ongoing closure of many locations in the Asia-Pacific region, including Hong Kong, has caused many locations to slide down ECA’s latest liveability rankings.