The Willis Towers Watson Global Remuneration Report 2015/2016 reveals that base salaries are the best in Singapore in comparison with other Asia Pacific countries.
The study analysed salaries for 3 positions – specialists, senior management and senior executives.
Salaries in Singapore are on average 8% higher than in Hong Kong. Hong Kong is the best paying economy within the Greater China region.
The biggest pay gap between Singapore and China is on the skilled level, where salaries in Singapore are twice as high. From middle management to senior and top management, Singapore staff earn between 28 and 52 percent more.
“As a leading economy in the region, Singapore is becoming more competitive in the global arena. They want to attract the best talent with the best knowledge of practices from all parts of the world. This allows them to offer higher competitive salaries to attract managers,” said Mr. Sambhav Rakyan, leader of the Data Services practice at Willis Towers Watson, Asia Pacific.
In addition to Singapore, eleven other countries were a part of the Asia-Pacific section of the report. Australia, Hong Kong, Japan, South Korea, Taiwan, China, India, Indonesia, Malaysia, the Philippines and Thailand are included within the report.
1. Indonesia pays its managers higher salaries than other Southeast Asian countries, just behind Singapore.
2. However, managerial salaries in Indonesia are still 5–44 percent lower than the bottom salary of staff in China.
3. Malaysia and Thailand pay their managers the least, while the Philippines pays the bottom salaries to professionals.
Mr Rakyan argues that lower wages in Southeast Asian countries provide a competitive advantage.
“Low-cost labor is not China’s main selling point, and wage levels illustrate that. China is more expensive than other areas, and its developed infrastructure and skilled workforce will continue to attract companies compared to Southeast Asian economies. Its emphasis on quality and sustainability of products and services will continue to attract talent to China, and base salaries will continue to be higher than in other countries.”
Source: http://www.sandboxadvisors.com/singapore-jobs-news/highest-pay-2016
