It only makes sense that Singapore, being the most expensive city of the world, has the highest paid CEOs in Asia Pacific. According to Tower Watson’s 2013/2014 Global 50 Remuneration Planning Report, the pay levels of senior management roles in Singapore exceed those in Japan and Hong Kong.
The survey shows that there is a widening disparity in terms of salary between middle management and C-Suite all across 13 key countries in Asia Pacific. Entry level employees in Australia are paid much higher – up to 15 times – than China, Indonesia, the Philippines and Vietnam. Australia also pays its entry level employees to middle management more than Singapore, Japan and Hong Kong, after which the gap is narrowed.
Tower Watson believes Hong Kong and Singapore will see a 4.5% increase in average salary this year, with both countries having similar sized labour populations. However, the figures show that the senior executive level in Singapore earns 14% more while the top management earns 34% more. Why the difference?
Data Services practice leader of Asia Pacific at Towers Watson, Sambhav Rakyan, said that the low taxes and reputation as a regional hub for private banking has attracted high-level talent to the city. This is reflected in the remuneration of C-suite level executives.
The highest paid CEOs in Singapore of 2013 are:
1. Piyush Gupta, DBS Group Holdings Year’s Salary: S$9.2 million
2. Wee Ee Cheong, United Overseas Bank Year’s Salary: S$9.2 million
3. Kwek Leng Beng, City Developments Year’s Salary: S$9 million
4. Lim Kok Thay, Genting Singapore Year’s Salary: S$9 million
5. Samuel Tsien, Oversea-Chinese Banking Corporation Year’s Salary: S$8.8 million
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