Moving out from London to become an expat in Singapore was fairly straightforward for trader Oriano Lizza. He noted how the lower tax levels make everything “considerably easier” now that he has stayed in the country for over 20 months.
Sheena Chauhan, a senior account manager from the UK who has been in Singapore for over four years, shares the same sentiment and said that whilst working hours and salary are very similar to the ones in London, the lower tax “makes an impact” on take-home pay.
However, a high cost of living undermines this benefit. Whilst Chauhan and Lizza have different careers and experiences, the two share their complaints about the cost of living in the Lion City.
Crazy, poor expats?
“The general feeling towards packages is that unless the individual is not very senior in their career, it’s the additional bolt ons, such as education and housing allowances that are either being trimmed or removed from packages all together. Some expats are being compensated in salary increases or increased bonus structures,” shared Lizza.
This was highlighted by the fact that over half or 52% of expats in Singapore are dissatisfied with the city’s cost of living, a new report by expat community InterNations revealed.
Singapore took the 50th spot amongst 72 countries for the cost of living rankings in 2018. Had it fared better, it could have taken over Taipei as the overall champion of InterNations’ list.
This issue was also reflected in other firms’ study of expat life around the globe. In June, ECA International revealed that Singapore is in the 20 most expensive cities for expats around the world.
“The price of goods and services included in our basket of goods has only seen a modest increase in Singapore over the past 12 months, in line with other similar economies in Asia,” said Lee Quane, regional director for Asia at ECA International, in June. “However, the rise in the rankings has been due to the relative strength of the Singapore dollar versus the US greenback in the past year.”
This story is from the January - March 2019 edition of Singapore Business Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January - March 2019 edition of Singapore Business Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How TikTok powers cross-border shopping for Singapore retailers
The yellow basket feature allows viewers to purchase items directly during livestreams.
Income Insurance seeks to fill billion-dollar financing gap in climate transition
The region skimmed its carbon intensity by 2.8%, far below the 17.2% needed.
SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
IHH's proton therapy takes aim at tumours with precision and low risk
Leaving surrounding organs at risk during cancer treatment might become a thing of the past.
SingPost pivots from mail to logistics as e-commerce demand drives growth
It is banking on e-commerce to drive its logistics unit, which accounts for 69% of revenue.
Singapore needs SEA neighbours to power renewable energy transition
Experts favour Malaysia and Indonesia as renewable energy import sources.
Singapore's architecture blueprint spurs push to tackle brain drain in other sectors
Paying the country's architects just right will hopefully stop the brain drain.
Millionaires eye a piece of Singapore's rich colonial era
The country's remaining 6,500 shophouses are in high demand amongst the ultra-rich.
HDB resale portal unlikely to cut out property agents
The portal enables sellers to list their units themselves.
Factory and retail spaces shine as housing heads for worst market slump in 16 years
Its manufacturing and tourism rebound will spur demand for industrial and high-street shops.
