It may be on arrival (like a golden handshake) or can follow to subsequent years pending negotiation. The total cost of expatriate pay packages in Singapore for Middle Managers has fallen to a five-year low in USD terms. Perhaps the most important aspect of negotiating the best expat package you can is to wait for the right time. Typically, a car and driver are benefits reserved for expat packages, however in this instance it is an essential benefit to go about your daily life, rather than a simple nice to have. The post also features some of the nitty gritty elements to include when negotiating your expat package. As it’s deemed as temporary they may cover your accommodation. So you’ve flagged your international aspirations, delivered a standout performance and have built your network. It wasn’t seen as an attractive thing to be far from their home country, extended family and friends. For example, in Dubai you probably make an additional two thirds of the value versus the UK. There are however benefits that are more common than others. Singapore is rated the world’s most expensive city for 2015, according to the. Many employers of expats are sensitive to this and might be open to providing extra leave time and covering expenses for these necessary visits home. That first month is critical when you are at your most vulnerable. Coming from a top performing developed market gives you skills and experience that often can’t be sourced locally. Don’t get too obsessed or ‘stuck’ on the above. Question. And in due course pave the way to financial independence retire early (FIRE). I’ve done two moves with Santa Fe and can’t fault them so far. SINGAPORE - The average annual pay package for expatriate middle managers in Singapore rose by US$13,163 or 5.9 per cent in 2018 from a … Many organizations understand that you are taking the risk to move you (and family) across the world. It should not be regarded as a comprehensive statement of the law and practice in this area. Negotiating compensation can be tricky in the US, but if you’re offered an international job, compensation issues grow exponentially more complex. Utility Bills – These can run several hundred dollars per month if your spouse and children are at home and running air conditioning in the Singapore heat most of the time. Ltd. accepts or assumes responsibility, or has any liability, to any person in respect of this article. Rent out your property to take advantage of the £12.5k tax free allowance (UK only!). The second important relocation support would be a shipping allowance or furniture allowance when you arrive. A rental car or company car might also be included if your office is not downtown. You might want to try to negotiate a clause for what happens after the initial stint if you love the job and want to stay in Singapore. If a living allowance is not offered then be more specific about a car/travel allowance. One other important consideration is if you are given equities or shares by your company as part of a long-term incentive program. And in due course pave the way to financial independence retire early (FIRE). What you will find is that the first move from the UK is the most challenging negotiation. Of course there are other more important factors but hopefully this gives you a steer. Getting Started. 1. Dying out but by no means dead. We consider the expat salary package to be the ongoing benefits associated with an expat assignment. Currency can be significantly erode or accelerate financial independence so it’s important to keep on top of how the currency is doing. Negotiating Your Expat Benefits Package. Given high tax rate payers will typically pay 40% tax on their hard earned bonuses. Priorities differ from expat to expat – communicate with your employer, so they understand your wants and needs. The healthcare may also not be as strong as your home country. However, Singapore still offers some of the highest expatriate salary and benefits packages in the region, with some of the lowest tax rates. The thing with a local package, is it means you don't get anything other than salary, bonus and health insurance (usually covers family members, but is often limited and you need to buy top up insurance). If you manage to land a lucrative expat package, be careful of localisation clauses that will allow your company to shift you into a local role after your initial contract is complete. Expat Package in Singapore. This will give you a blend of those close to the action & others far removed with a broader viewpoint. Before you take up an expat employment offer, make sure you understand what life will be like abroad and the day to day costs for you and your family so you know what your negotiation 'red lines' are. In fact, as many as 75% of employee relocations fail, which means it’s extremely important for individuals to carefully consider an expatriation offer and take the time to negotiate a package that works best for them. As a result they may offer to fund one month’s accommodation to help you settle. This woman did just that by successfully negotiating a six figure compensation package when she moved abroad. Expat Package in Singapore. If you’re relatively senior in a corporate company it can be linked to shares and performance vs just cash. And finally, schools can be expensive so if moving with as a family be sure to include support here. If you have received a firm job offer it’s important to take certain things into consideration about how you negotiate the terms of your contract. Banks often offer ‘consent to let’ at your current interest rate should you need to move with work.And this rate is likely to be significantly lower vs having to take an expat mortgage. But in reality 5% actively pursue it. We consider the expat salary package to be the ongoing benefits associated with an expat assignment. Are expat packages available to cover the cost of living in Singapore? In turn, accelerating the path to financial independence retire early (FIRE). All three send the right signal to your prospective boss. Some companies can get you an exception to remain part of the home country plan if your move is temporary. Particularly if it’s pegged to another currency so that you’re aware of the factors at play. See it more holistically and as a total expat package as opposed to driving a hard negotiation on each element. International school fees can be astronomical. The benefits you get really do vary from employer to employer, and whether you get a full expat package. When you think just how much time you spend sitting in unproductive meetings it’s well worth the effort. In order for you (and family) to take the risk and feel motivated to move this can be tabled. You will stand out and the great thing is that once you get the first international experience under your belt this uniqueness snowballs. It’s important that you have a good track record in terms of performance. That includes acing performance reviews, being on your company’s talent list & working on high visibility projects. Family Medical Insurance, 1 Home flight for 4 pax per year, Accommodations, Handphone bills, Utility bills, Children school fees, others, etc. One of the most important issues for any person or family that is sent abroad by their company is the expat relocation package. In the Locations section of this site I’ve cited some popular destinations for pre-FI geoarbitage. Putting you in a stronger position when negotiating your expat package and build towards FIRE. Expat saving rate comparison: How much cash …, 7 ways to strengthen your Financial Independence plan …, COVID-19 & Expat Financial Independence: The Good, The …. in a new country can be more challenging. There will also be ‘speed bumps’ along the way that can be more difficult to weather in a new organisation. Or about to put pen to paper on your expat contract? Here are five ways for employees to ensure their expatriate package serves as a career bolster — and not a major disruption. Expatriate compensation packages can vary enormously from company to company and location to location.When negotiating an expat contract that is right for your needs and those of your family, it is important that you carefully consider several factors: 1) Nature of the Employment. Currencies always swing a few percent both ways but anything more major should be incorporated into the negotiation for your expat package. Hopefully this gives you the ability to access it should not be regarded a... 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