Ever wondered what if your company sent you to Japan to work for them? What would be so intriguing about that chance? Well, you should know that Japan is the most expensive country to send workers to work overseas.
This fact came to the fore, thanks to the survey by ECA International, a reputed data company. They revealed that currently, Japan has overtaken the UK in the costs incurred by employers in the average expatriate package. This comes to $405,685 in Japan placing it on the top of the list of most expensive countries to send workers to work overseas.
The study by ECA
In the study done by ECA, factors such as cash salaries, taxes, and benefits were taken into account. The average overall cost of expat packages at the mid-level has increased in Japan. The reasons are attributed to currency fluctuations and the Japanese Yen staying steady against the US Dollar.
The other countries that came on top under Japan were the UK, India, China, and Hong Kong.
When we look at other areas where there has been a spike in compensation and benefits, we can find a moderate rise in housing costs in Tokyo in 2020 when compared with 2019.
|The annual study by ECA is done to assist companies that are intending to relocate staff members to work overseas, benchmarking their pay packages against the job market.|
In trends found in the study, it was seen that the overall cost of placing expat employees to work overseas fell following the COVID-19 pandemic crisis. The travel restrictions that followed the pandemic in world countries decreased the demand for expat employees and hence costs to the company like benefits payable. Also, expats had lesser take-home pay when compared to 2019 levels.
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