SINGAPORE - Singapore has jumped 12 places to become the 19th most expensive location for expatriates globally according to the latest Cost of Living survey by consultancy firm ECA International.
According to a press statement by ECA International, a cost of living allowance is often provided as part of the pay package.
This allowance will be affected by differences in inflation levels as well as exchange rate movements between an employee's home and host country.
ECA International's main cost of living surveys are carried out in March and September in over 440 locations worldwide, using a basket of day-to-day goods and services commonly purchased by assignees.
The survey covers the following costs:
Food: Groceries; dairy produce; meat and fish; fresh fruit and vegetables
Basic: Household goods, recreational goods; general services, leisure services
General: Clothing; electrical goods; motoring; meals out, alcohol and tobacco
Certain living costs, such as accommodation rental, utilities, car purchases and school fees are usually covered by separate allowances. Data for these costs are collected separately and are not included in ECA's cost of living basket.
"Although, like many currencies, the Singapore dollar has weakened against the US dollar between annual surveys, it strengthened against a number of other major currencies," said Lee Quane, Regional Director - Asia, ECA International.
She added: "Assignees having been relocated from one of these locations into Singapore are likely to require a higher cost of living allowance in order to maintain their spending power."
Within the Asia Pacific region, Singapore has maintained its 9th place while former chart topper Tokyo dropped to the seventh spot regionally and 16th place globally.
Shanghai on the other hand, has become the region's most expensive location for expatriates for the first time. The Chinese city is also the eighth most expensive location globally.
Meanwhile South Sudan has moved up from its ninth spot to become the most expensive city worldwide.
Manhattan City is the most expensive city in the US, rising to 20th place globally up from last year's 39th spot.
Most expensive locations in Asia Pacific for international assignees
