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Overseas financial services professionals based in Singapore no longer on perks

Nurdianah Md Nur | July 15, 2014
83 percent of such expatriates claimed to have never been employed on such packages.

Even though 69 percent of Singaporean financial services professionals thought that their international counterparts are receiving expatriate packages, 83 percent of expatriates in the republic claimed that they have never been employed on such packages. 

These figures are part the findings from a survey by job portal eFinancialCareers which polled 1,142 employed banks and finance professionals based in Singapore between April and May this year.

According to George McFerran, global sales and marketing director at eFinancialCareers, majority of the expatriates are now either "hired directly onto local packages" or have taken up Singapore citizenship. He added that expatriate packages are no longer needed today as Singapore is now perceived as an attractive place to live and work.

By reducing the availability of expatriate packages, employers will be able to achieve a more positive corporate culture too. According to the survey, 62 percent of the respondents thought of expatriate packages as a cause of friction in the office, and 55 percent of them believed that foreigners are receiving preferential treatment in the workplace. To achieve greater office harmony, McFerran advises employers to be "transparent with their workforce and clearly communicate that expat packages are not the norm."

 

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