COMPENSATION & BENEFITS    SALARY    HAY GROUP

Global - Despite the high costs of living and the recession, Singapore's managers actually had more disposable income this year compared to the rest of the region. This is largely due to the country's low inflation and taxation rates.

According to the latest Hay Group's Global Management Pay Report, managers at the department head level in Singapore now have the third highest amount of disposable income across Asia. Singapore trails after Hong Kong and Thailand, ranked first and second respectively.

However, on a global level, Singapore's level of managerial disposable income only comes in at 27th position on the Global Management Spending Power Index.

Qatar, UAE and Kuwait, which are known for their oil-rich and tax-free states, topped the global list of managers with the most amount of disposable income. This is much higher than the managerial spending power in the UK (30), US (43) and other parts of Western Europe which not only have been hit by the recession, but have heavier taxes and higher costs of living as well.

The report also noted that in fast-growing economies such as Brazil, Turkey and  Chile, the lack of senior managers has escalated managerial salaries.

However, all this is likely to change as certain countries are likely to increase taxes in the coming years.  "Managers whose governments have increased public spending to help organisations weather the crisis are more likely to experience a rise in tax and living costs, and will feel the real impact on their disposable income in the coming years," the report stated. 

The Global Management Spending Power Index was calculated based using PayNet data on median total cash, and taking into account cost of living and taxes to reveal disposable income levels for 56 countries in North America, South America, Africa, Europe and Asia Pacific.

Management spending power in Asia Pacific:

2009 ranking of managers’ spending power in Asia (USA=100)

 

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