Wednesday, May 29, 2024
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Its ranking rose despite the total value of a typical expat package falling 2 percent to US$278,020 (HK$2.17 million) in the financial hub compared to 2021, with the costs of salaries and benefits dropping by US$2,400 and US$1,600, respectively.

“After experiencing a rise in total pay and benefits package costs in 2021, Hong Kong was on a downward trend again in 2022 due to lower salary costs,” said regional director for Asia Lee Quane.

That led to a drop in the overall package value as the cost of benefits remained unchanged for the year, unlike many other countries that saw significant increases, Quane said.

However, the strength of the Hong Kong dollar helped improve the SAR’s ranking as it mitigated the decline in value measured in the US dollar when other currencies weakened, Quane added.

Expat packages in rival hub Singapore rose by 4 percent to US$258,762, narrowing the gap with Hong Kong and pushing the citystate up six places to 16th.

The growth was primarily due to a 9 percent rise in the cost of benefits driven by higher rental costs.

Expat salaries in most Asian places fell, resulting in a drop in the total pay and benefits package cost in the US dollar terms for more than half of the places, including Japan, Korea, China, and Taiwan.

China retained its position as the location with the third-highest expatriate packages in the region after Japan and India and is ranked fourth globally. And Japan, with the world’s second highest expatriate pay and benefits package, saw costs grow by 5 percent in local currency terms but slump by 12 percent in the US dollar terms due to the weak yen.

The UK once again topped rankings as the most expensive location to send expatriates, with the average package costing US$441,608. Salaries there only made up around 18 percent of the total cost.

The poll took in 10,000 international assignees from more than 340 firms in over 140 countries and the cost of packages factored in three main elements: cash salary, benefits – such as accommodation, international schools, utilities, or cars – and tax.

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