Amid soaring rentals, 7 in 10 firms ready to move expat staff overseas: Survey – Today Online

March 28, 2023

TAUFIQ ZALIZAN

March 27, 2023

SINGAPORE — Half of expatriates here have been hit by rental increases of more than 40 per cent, while about seven in 10 businesses are ready to relocate their staff out of Singapore if there is no relief from rising operating costs, a survey has found.

Conducted by the European Chamber of Commerce, Singapore (EuroCham), the survey aimed to assess the extent and severity of the impact of rising costs of rental on business operations in Singapore.

The report on the survey, released on Monday (March 27), warned that the situation is “not sustainable”.

If business costs do not fall or the Government doesn’t step in to help, then “Singapore will lose its attractiveness to foreign companies which will decide to relocate their offices to neighbouring countries”, the report said.

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