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Soaring cost of living in Singapore impacting expat salary increases
| Published: | 14 Oct at 6 PM |
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In spite of the high salaries paid to expats living and working in the popular city-state of Singapore, rampant inflation is smashing down on even the most generous pay rises.
The results of a survey by Standard Life indicate that the vast majority of expats believe their salaries are unable to catch up with the city’s soaring cost of living increases. Although most of those surveyed said they were earning far more and saving more than in their home countries, 50 per cent complained that they needed further salary increases to keep pace with rising costs.
The survey also revealed the investment priorities and saving and spending habits of expats from the UK and other European countries. Details of any planning for the future were also requested, with 50 per cent of those polled stating they aimed less than 10 per cent of their monthly salaries towards retirement planning.
The total amount saved contrasted with last year’s survey results, showing a 10 per cent year-on-year decline in the use of regular savings patterns. The majority of those who were saving regularly tended to emphasise a focus on property purchase rather than conventional retirement planning using an investment.
Over 50 per cent of those who took part had no plans for marriage or starting a family, and most stressed that cost of living increases in the city state were impacting their quality of life. However, the same number prioritised the need for adequate private pension provision in retirement.
The results of a survey by Standard Life indicate that the vast majority of expats believe their salaries are unable to catch up with the city’s soaring cost of living increases. Although most of those surveyed said they were earning far more and saving more than in their home countries, 50 per cent complained that they needed further salary increases to keep pace with rising costs.
The survey also revealed the investment priorities and saving and spending habits of expats from the UK and other European countries. Details of any planning for the future were also requested, with 50 per cent of those polled stating they aimed less than 10 per cent of their monthly salaries towards retirement planning.
The total amount saved contrasted with last year’s survey results, showing a 10 per cent year-on-year decline in the use of regular savings patterns. The majority of those who were saving regularly tended to emphasise a focus on property purchase rather than conventional retirement planning using an investment.
Over 50 per cent of those who took part had no plans for marriage or starting a family, and most stressed that cost of living increases in the city state were impacting their quality of life. However, the same number prioritised the need for adequate private pension provision in retirement.
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