Organizations are, however, also considering other low cost areas like Hyderabad, Chennai, and Pune due to the greater cost of living in Mumbai. Mercer's 2022 Cost of Living City Ranking found Hong Kong to be the most expensive city for international employees with four Swiss cities - Zurich, Geneva, Basel and Bern - taking the second through fifth spots respectively. The data collected provides all of the key elements employers need to design efficient and transparent compensation packages for international assignees. Were going to look at several aspects explored in our latest mobility trends surveys. In Africa, Bangui (23), Libreville, Gabon (24) and Victoria, Seychelles (38) are the three costliest cities. Mercer's widely recognized ranking is one of the worlds most comprehensive, and is designed to help multinational companies and governments determine compensation strategies for their international assignees. The most expensive cities in Eastern Europe is Prague (Czech Republic) ranked 60th out 227 cities. Hong Kong tops Mercers 2022 Cost of Living City Ranking, based on our latest research, followed by Zurich and Geneva, while Ankara closes the ranking at the 227th spot. It is followed by Riga, Latvia (79), Bratislava, Slovakia (105) and Tallinn, Estonia (140). Mercer is a business of Marsh McLennan (NYSE: MMC), the worlds leading professional services firm in the areas of risk, strategy and people, with 83,000 colleagues and annual revenue of approximately $20 billion. Hong Kong has the highest cost of living but lower quality of living than many other locations. The study highlights elements that contribute to daily costs, eg: among the assessed Indian cities, Kolkata has the lowest cost of daily necessities such as milk, breads, vegetables, etc., while Mumbai and New Delhi have the highest costs. For more information, visit mercer.com. Mercer's widely recognized ranking is one of the worlds most comprehensive, and is designed to help multinational companies and governments determine compensation strategies for their international assignees. Asia, 29 June 2022 - Asia dominated the world's most expensive city rankings, with Hong Kong SAR taking top spot as the costliest place for employees working abroad, in Mercer's 2022 Cost of Living survey. We use cookies to improve your experience. The world's least expensive cities for international employees according to Mercer's survey are Tbilisi (207), Lusaka (208) and Bishkek (209). The general trend shows that the locations with higher cost of living and quality of living also rank higher for eco-friendliness. The survey includes over 400+ cities throughout the world; this years ranking includes 227 cities across five continents and measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment. The survey found that Hyderabad had the cheapest housing of all the places examined in India when evaluating the country's housing market. Learn more here. Other cities in the ASEAN region include Manila (122), Phnom Penh (134), Hanoi (150), Jakarta (151), Vientiane (157), Ho Chi Minh City (163), Bandar Seri Begawan (179), Kuala Lumpur (181), Yangon (198) and Johor Bahru (211), the least expensive city in Southeast Asia. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment. However, Hyderabad is more expensive than Pune and Kolkata when both cost of living and housing are taken into account. Mercer believes in building brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Saudi cities such as Riyadh (103) and Jeddah (111) rank in the middle, closely followed by Amman, Jordan (115) and Manama, Bahrain (117). While Hong Kong remains in the top spot, Zurich (2) and three other Swiss cities - Geneva (3), Basel (4) and Bern (5) - completed the top five world's most expensive locations for expats. According to Mercer's 2020 Cost of Living Survey, Hong Kong tops the list of most expensive cities for expatriates, followed by Ashgabat, Turkmenistan in second position. In contrast, Japanese and Korean cities have become relatively more affordable due to a weaker Japanese yen and Korean won.. For the full rankings, visit www.mercer.com.sg/our-thinking/career/cost-of-living.html. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment. Ms Ma said, International assignment patterns are evolving faster than before. Addressing these issues with regard to internationally mobile employees is a complex and significant challenge for multinational employers. This map presents the most and least expensive cities in the world for international employees. and cities looking to attract and retaininternationaltalent. This can have serious consequences for employers in the global battle for talent. Today, Mercer launched its 2022 Cost of Living Survey which ranks 227 of the world's costliest cities for expatriates. Mumbai, June 29, 2022: According to Mercer's 2022 Cost of Living survey, Mumbai (127) is the most costly city in India in terms of both living expenses and accommodation costs. See the cost of living for over 200 global cities in our 2022 ranking, and get insight into which cities offer the best cost and quality of living. More companies are adopting the local-plus compensation approach to pay their foreign employees and increasingly, mobility programs are utilized as tools for companies to develop their high potential talent, rather than support mechanisms to make up for talent shortages in certain areas within the organization., Weve also observed a significant decrease of inbound international assignments into Asia in the past 18 months. The data refer to cooking oil (1 lt / 33.8 oz / 920 gr). Four of the cities in the top 10 are located in Asia, including Hong Kong SAR, Singapore (8 th ), Tokyo (9 th) and Beijing (10 th ). By using our site, you agree that we can place cookies on your device. So what are the most expensive cities in the world for international employees? As compared to other major cities in Asia Pacific region, including Beijing, Shanghai and Manilla, Indian cities including Mumbai and New Delhi have a lower cost of living and expat accommodation, making it a cost efficient destination for Global MNCs to setup operations overseas. Other cities in Europe are Copenhagen, Denmark (11), London, United Kingdom (15), Vienna, Austria (21) and Amsterdam, The Netherlands (25). Under the 'Manage Cookies' option in the footer, accept the Functional cookies to allow the video to play. They may adopt various strategies to protect the purchasing power of their international workforce in times of market volatility, but its important that they understand the advantages and disadvantages of the different approaches. Higher prices coupled with a stronger Thai baht also made living in Bangkok (106) the second most expensive in Southeast Asia, after Singapore. Exchange rates from that time and Mercers international basket of goods and services from its Cost of Living Survey have been used as base measurements. New York City (NY), US is used as the benchmark for the calculations. In contrast, Japanese and Korean cities have become relatively more affordable due to a weaker Japanese yen and Korean won.. Create your account today for an optimal, personalized experience. While the onus is on employers to act quickly to attract and retain key talent, they need reliable data and clear strategies to navigate mobility packages in times of uncertainty. By using our site, you agree that we can place cookies on your device. Governments and major companies use data from this survey to protect the purchasing power of their employees when transferred abroad; rental accommodation costs data is used to assess local international assignee housing allowances. Of the 49 Asian cities that were included in this years survey, the city of Bishkek in Kyrgyzstan ranked in 226th place, is the least expensive place in Asia for international employees to live in. Mercer's widely recognized ranking is one of the worlds most comprehensive, and is designed to help multinational companies and governments determine compensation strategies for their international assignees. In addition to evaluating more than 200 goods and services, Mercers Cost of Living Survey highlights essential factors such as currency fluctuations, cost inflation and accommodation price instability in determining the cost of packages for internationally mobile employees. All Mercer events about talent, investment, and health issues. Of the 49 Asian cities that were included in this years survey, the city of Bishkek in Kyrgyzstan ranked in 226th place, is the least expensive place in Asia for international employees to live in. Saudi cities such as Riyadh (103) and Jeddah (111) rank in the middle, closely followed by Amman, Jordan (115) and Manama, Bahrain (117). This will help to ensure their employees financial wellbeing as well as business efficiency and equity.. Also, the price of getting a new car and other maintenance costs have gone up in all Indian cities, Rahul Sharma added. Governments and major companies use data from this survey to protect the purchasing power of their employees when transferred abroad; rental accommodation costs data is used to assess local international assignee housing allowances. New York City (NY), US is used as the benchmark for the calculations. The most expensive Canadian city is Toronto (89) followed by Vancouver (108), Montreal (125), Ottawa (132), and least expensive city in Canada is Calgary (141). Well be looking at internationally mobile employees experience as well as running international assignments in difficult times, and one of the examples well consider is the situation in China. Tel Aviv (Israel) is the costliest city in the Middle East for international employees, ranked on the sixth position within the global ranking. No price movement occurred in 9 out of the 25 cities. With the rise of remote and flexible work, companies need to rethink their approach to managing a globally distributed workforce with an optimized mobility program which aligns with the business strategic planning and achieve both cost efficiency, compliance and talent attraction. For the full rankings, visit www.mercer.com.hk/our-thinking/career/cost-of-living.html. New York City is used as the base city for all comparisons and currency movements are measured against the US dollar. For organizations with globally distributed workforces, assessing and managing the impact on their employees financial wellbeing may be particularly complex. Gasoline price decrease did not occur in any of the locations. Belo Horizonte (210) is the least expensive city in South America. As travel and international mobility resumes, companies now face the challenge of ensuring the spending power of mobile employees are not affected. Singapore (8), Tokyo, Japan (9) and Beijing, China (10) are all on the top 10. In India, inflation and currency fluctuations were small but Mumbai (127) remains the most expensive city, followed by New Delhi (155), Chennai (177), Bengaluru (178), Hyderabad (192), Pune (201) and Kolkata (203), the cheapest city in India. In addition to cost of living data, mobility research conducted by Mercer and the learnings from Mercers work with clients reflects that the impact of COVID-19, the crisis in Ukraine, exchange rate variations and widespread inflation are having a material impact employees pay and savings.

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