SUBSCRIBE: Newsletter

Human Resources



Singapore’s steep cost of living stretches expats’ salaries

Uncover and learn about complex HR innovation tools and strategies at Accelerate HR from Thailand's largest employers including Agoda, DKSH, Fonterra, FWD, Kasikornbank, Minor Food, Nissan Motor and more.
Happening in Bangkok on 26-27 November, group discounts when you bring your team.

British and European expatriates living in Singapore are concerned about the rising cost of living in Singapore outpacing their salary growth.

This observation was part of Standard Life’s second survey for expatriates in Singapore, which studied saving, spending, and investment habits of expatriates.

Half of the study’s respondents admitted the growth in their pay package does not match the rising cost of living in Singapore, while the same number admitted they only set aside less than 10% of their monthly income towards long-term savings.

This is despite 80% of expatriates earning more than they did before moving to Singapore.

The expat package: a thing of the past?
Fewer foreigners are being hired in Singapore

While 47% of respondents expressed nervousness about their post-retirement financial situation, this did not seem to translate into action, as 90% prioritised lifestyle spend over saving for retirement and children’s education.

Of this, 88% put one-fifth of their monthly income towards vacations, while another fifth puts it into short-term lifestyle savings, consistent with last year’s findings.

“A greater number of savers are earning and saving more in Singapore than they did before coming here, but the increase in earning power and disposable income, coupled with greater saving potential, have unexpectedly been offset by rising costs of living,” Neal Armstrong, CEO and principal officer of Standard Life Singapore, said.

“It is of concern that many expatriates view financing family commitments and retirement planning as mutually exclusive saving goals.”

Image: Shutterstock


Human Resources Online is heading to Bangkok with the Accelerate HR conference on November 26-27.
HR leaders from Agoda, DKSH, Fonterra, FWD, Kasikornbank, Minor Food, Nissan Motor and more have already confirmed to speak.
Bring your team for additional group discounts.

Read More News


Leave a Reply

You must be logged in to post a comment.