HK falls to 8th place in list of places with the highest ex-pat packages
In Asia, the city also had the lowest rate of growth in pay and benefits for expatriates.
Hong Kong fell three places to eighth rank in ECA International’s annual list of locations with the highest expatriate packages worldwide.
According to ECA International, the drop in Hong Kong’s position was likely because the city had the lowest rate of growth in expatriate pay and benefits packages amongst locations in Asia, only rising by 4.5% or US$3,800 ($29,828.29) to US$283,000 ($2,221,422.65) in 2021.
“This was lower than rates of growth when measured in USD seen in other regional economies such as Japan and Singapore,” said Lee Quane, Regional Director-Asia at ECA International. Singapore’s ex-pat package grew 9.5% in 2021.
“Furthermore, the costs of benefits continued to fall, as they did in 2020, with falls, particularly in the cost of accommodation moderating the impact of the increase in cash compensation on overall employment costs,” added Lee.
In Asia, Japan had the highest expatriate packages, and Malaysia had the lowest.
Globally, the United Kingdom took the title as the value of its expatriate package rose by over 9% in USD terms.