Harsh covid restrictions may have raised questions about Hong Kong’s future as a financial centre, but on one important measure it still leads the way – Hong Kong’s banking and finance professionals earn considerably more than their counterparts elsewhere in Asia.
Some expats have relocated to Singapore, but it trails Hong Kong in terms of compensation. But bigger pay packages also come at a cost, with Hong Kong finance professionals working longer hours and women face more discrimination on pay.
These are some of the key findings in the inaugural eFinancialCareers APAC salary and bonus survey, which polled almost 600 people working in finance in Hong Kong and Singapore and provides insights into compensation and working hours across all levels of seniority and experience.
In Hong Kong finance professionals earn 88% more in salary and 4% more in bonus than in Singapore, with total compensation 55% higher in Hong Kong
Finance professionals in Hong Kong earn average total compensation of US$293k, while counterparts in Singapore are paid US$193k.
While Hong Kong-based professionals earn more, this comes at a cost. In our survey, they work an average of 4 hours a week more than their counterparts in Singapore.
Gender pay discrimination is a big problem in both locations, but in Hong Kong, the pay gap between men and women is bigger. In Hong Kong, average female pay is $128k and men are paid 64% more than their female colleagues. In Singapore, women earn an average of $116k or half the amount they earn in Hong Kong.
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