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SINGAPORE companies pay their senior and top management the most in Asia in US dollar terms, according to a study by professional services company Towers Watson.
The annual base salaries in Singapore were about 10 per cent higher than the next best-paying location, Hong Kong, Towers Watson said. At the very top of the hierarchy, Singapore companies paid an average base salary of about US$586,000, 32 per cent more than the US$445,000 paid in Hong Kong.
Base salaries in Singapore and Hong Kong grew 3 to 4 per cent, although top management salaries rose at a faster clip of 6 to 8 per cent.
"We do see signs of regional HQs moving from Singapore to other lower-cost locations, such as Malaysia and Indonesia, to reduce staffing costs, subject to availability of talent," said Sambhav Rakyan, Asia-Pacific practice leader of Data Services.