Hong Kong’s reputation as Asia's main financial hub is under threat due to its lack of places at international schools.
The number of expats moving to the former British colony has surged in the last two years as Europe’s struggling economies have sent talent eastbound. While there may be a good supply of top jobs, in banking, fund management and financial services, the same cannot be said for international schools.
During 2010 and 2011, the number of British expats moving to Hong Kong jumped more than 50 per cent, to 15,300. This is about half of the number of American expats relocating to the city, who are putting further pressure on good international schools.
Some Hong Kong-bound expats have now delayed or cancelled moves because they can’t get their children in good preschool, primary or secondary international schools. Hong Kong Academy, a private international school, saw a 35 per cent rise in applications last year.
While there has been a massive upsurge in demand, the number of places at English-speaking international schools has stayed relatively constant at 36,000.
A spokesperson from the British Chamber of Commerce in Hong Kong, said: “It is a fact that there now exists a shortage of places in international schools in Hong Kong and that this has been a fact for the past decade and a half, but it is a measure of the dramatic success of Hong Kong as one of the world's leading trade and financial centres.”
The Hong Kong government takes the problem seriously and wants to create 5,000 new international school places this year and again in 2013. It also plans to limit the number of local students who can be enrolled in some international schools in the future.
Two new British international schools will open this year, Harrow International School and Kellett, to help ease the pressure but, like most things in Hong Kong, the problem boils down to lack of space. Land is at a premium among the glittering skyscrapers and developers would rather build exclusive apartments than schools.
The situation has got to the stage where some expats have considered moving to Hong Kong’s main rival Singapore, where places at top international schools are slightly easier to find. The opening of Dulwich College in Singapore and Marlborough College in nearby Johor Bahru this summer will make the city even more appealing to expats and their families.
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
Showing posts with label Expats in Asia. Show all posts
Showing posts with label Expats in Asia. Show all posts
16 January 2012
5 January 2012
Expat packages are they a distant memory
Lucrative expat packages are becoming a distant memory in Asia, as employers no longer need to entice top talent
Perks such as international school fees, country club membership and a car allowance were once the norm for investment bankers, fund managers and other high-flying financial services staff.
However, these generous expat packages have been axed due to strong demand from employees to head east, according to headhunting firm Astbury Marsden.
A spokesperson from Astbury Marsden in Asia Pacific, said: “Demand for jobs in Singapore and Hong Kong has now started to outstrip supply, as Asia tops the wish list as the international location of choice for an increasing number of bankers.
“An absence of political pressure on bankers’ bonuses, an increasingly attractive tax regime and the distance from the eurozone crisis are making a banking career in Asia increasingly attractive.”
Experts also say Asia experience looks good on workers' CV, should they head back to Europe.
Astbury Marsden says that the standard expat package for Asia has been reduced to one month’s accommodation in a serviced apartment at the start of the employment contract and one free flight home a year for the employee and possibly their family. It also typically includes private medical care for the employee and their family and an allowance to cover shipping and container costs.
The credit crunch of 2008 also had a negative effect, as organisations could no longer afford to pay such expensive perks.
Before 2008 expat packages would frequently include a housing and car allowance, country club fees, private school fees and help with finding a job for a spouse. On top of this would be two or three free flights home a year for the employee and their family. Most senior staff would have also enjoyed the use of a driver, cook and maid.
Recruitment firms in Asia have reported a huge spike in applications for financial jobs, highlighting how strong demand is.
One firm has received five to 10 times more CVs from Europe and the US in the past 12 months whilst another has seen a 30 per cent rise in applications.
One British expat, who works in banking, said: “To be honest I asked to move to Singapore as I wasn’t sure I’d still have a job if I stayed in London. My bank therefore knew it didn’t need to offer me a lucrative package to move.”
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
Perks such as international school fees, country club membership and a car allowance were once the norm for investment bankers, fund managers and other high-flying financial services staff.
However, these generous expat packages have been axed due to strong demand from employees to head east, according to headhunting firm Astbury Marsden.
A spokesperson from Astbury Marsden in Asia Pacific, said: “Demand for jobs in Singapore and Hong Kong has now started to outstrip supply, as Asia tops the wish list as the international location of choice for an increasing number of bankers.
“An absence of political pressure on bankers’ bonuses, an increasingly attractive tax regime and the distance from the eurozone crisis are making a banking career in Asia increasingly attractive.”
Experts also say Asia experience looks good on workers' CV, should they head back to Europe.
Astbury Marsden says that the standard expat package for Asia has been reduced to one month’s accommodation in a serviced apartment at the start of the employment contract and one free flight home a year for the employee and possibly their family. It also typically includes private medical care for the employee and their family and an allowance to cover shipping and container costs.
The credit crunch of 2008 also had a negative effect, as organisations could no longer afford to pay such expensive perks.
Before 2008 expat packages would frequently include a housing and car allowance, country club fees, private school fees and help with finding a job for a spouse. On top of this would be two or three free flights home a year for the employee and their family. Most senior staff would have also enjoyed the use of a driver, cook and maid.
Recruitment firms in Asia have reported a huge spike in applications for financial jobs, highlighting how strong demand is.
One firm has received five to 10 times more CVs from Europe and the US in the past 12 months whilst another has seen a 30 per cent rise in applications.
One British expat, who works in banking, said: “To be honest I asked to move to Singapore as I wasn’t sure I’d still have a job if I stayed in London. My bank therefore knew it didn’t need to offer me a lucrative package to move.”
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
14 December 2011
Is Singapore becoming 'less attractive' for expats
Singapore’s reputation as a destination of choice for expats in Asia has been hit by a triple whammy this month. Two measures by the government last week have made the city less attractive to non-Singaporeans – the biggest being a 10 per cent hike in stamp duty for any foreigner wanting to buy property in the city.
Stamp duty was only three per cent at its highest rate, so this move is seen as a strong curb to discourage foreigners from buying homes in Singapore.
Foreign purchases made up 19 per cent of all private property transactions in the second half of 2011. This compares to just seven per cent for the first half of 2009. Low interest rates, political stability and a strong economy have all led to a surge in property investment from wealthy foreigners.
A spokesperson at Singapore-based estate agency International Property Advisor, worries that “we leave foreign investors with a bad taste in their mouths.” they said: “Many foreigners are here to work and settle their families down and they need to own one home for shelter over their heads."
Last week the government also scrapped a scheme that lets graduates of foreign universities stay in Singapore for one year while they look for work.
The Manpower Ministry previously granted an employment pass eligibility certificate (Epec) to foreign university graduates in the hope to encourage high-calibre students to enter the labour force. But it said the scheme was not meeting its targets.
In the third setback for the city state, Singapore has also overtaken Hong Kong as the more expensive city for expats to live in – the first time this has happened in more than 10 years, according to the latest cost of living survey conducted by ECA International.
Within Asia, Singapore is now the sixth most expensive city to live in while Hong Kong has dropped to ninth. Tokyo is still the costliest location for expats.
One British expat who has lived in Singapore for more than five years, said: “From my point of view, I have seen 'real' inflation rise steeply in the past two or three years. This is mostly in the areas of luxury goods, which are often bought by expatriates.
"Rents have obviously increased substantially but so too have items such as alcohol, groceries and taxi fares. In general, prices of imported electrical goods such as computers and cameras have also inflated strongly. It seems to me that published inflation rates seem to be out of kilter with real prices.”
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
Stamp duty was only three per cent at its highest rate, so this move is seen as a strong curb to discourage foreigners from buying homes in Singapore.
Foreign purchases made up 19 per cent of all private property transactions in the second half of 2011. This compares to just seven per cent for the first half of 2009. Low interest rates, political stability and a strong economy have all led to a surge in property investment from wealthy foreigners.
A spokesperson at Singapore-based estate agency International Property Advisor, worries that “we leave foreign investors with a bad taste in their mouths.” they said: “Many foreigners are here to work and settle their families down and they need to own one home for shelter over their heads."
Last week the government also scrapped a scheme that lets graduates of foreign universities stay in Singapore for one year while they look for work.
The Manpower Ministry previously granted an employment pass eligibility certificate (Epec) to foreign university graduates in the hope to encourage high-calibre students to enter the labour force. But it said the scheme was not meeting its targets.
In the third setback for the city state, Singapore has also overtaken Hong Kong as the more expensive city for expats to live in – the first time this has happened in more than 10 years, according to the latest cost of living survey conducted by ECA International.
Within Asia, Singapore is now the sixth most expensive city to live in while Hong Kong has dropped to ninth. Tokyo is still the costliest location for expats.
One British expat who has lived in Singapore for more than five years, said: “From my point of view, I have seen 'real' inflation rise steeply in the past two or three years. This is mostly in the areas of luxury goods, which are often bought by expatriates.
"Rents have obviously increased substantially but so too have items such as alcohol, groceries and taxi fares. In general, prices of imported electrical goods such as computers and cameras have also inflated strongly. It seems to me that published inflation rates seem to be out of kilter with real prices.”
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
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