As the leading economy in the region, it is no surprise to see globally competitive salaries in Singapore.
In fact, Willis Towers Watson’s 2015/2016 Global 50 Remuneration Planning Report found that those working in senior management and top management roles in the country are paid the most among their peers in APAC.
Those in top management roles in the island nation are found to have a base salary index of 127% (United States = 100%) and those in senior management roles have a base salary index of 109%.
Hong Kong follows closely behind with a base salary index of 115% for top management and 104% for senior management. Australia comes in third with 96% and 93% for top and senior management respectively.
When it came to entry-level staff, however, Australia was found to have the most competitive salary (85%) followed by Singapore (71%), Japan (67%) and Hong Kong (66%.)
On the other hand, top management in India (54%), Taiwan (55%) and Malaysia (60%) were found to be paid the lowest in APAC.
In the Greater China region, Hong Kong was found to have the highest salary.
Middle managers in Hong Kong earned 1.5 times more than their mainland China counterparts, with the pay gap closing as the level of seniority went up.
Senior management in Hong Kong also had a 20 to 30% edge over China.
Pay difference between the two places was the most significant at entry level jobs, with Hong Kongers earning as much as twice than their counterparts in China.
However, across all job grades, Hong Kong still trailed behind Singapore by 3 to 10%.
Compared to Singapore, mainland Chinese at the senior and top management levels earn about 28% to 52% less while the largest gap is seen at the professional level where China pays less than half that of Singapore.
“Singapore has always been a leading economy in the region. As it continues to enhance its competitiveness in the international arena, it wants to bring in top talent with knowledge of best practices from all over the world, so offering globally competitive salaries is an important part of that process,” said Sambhav Rakyan, data services practice leader, Asia Pacific at Willis Towers Watson.
“In terms of Greater China, Hong Kong has long been a hub for international talent; its gap with Singapore narrows once Hong Kong’s more favourable tax rates are taken into account.”