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Since then of course, substantial to massive Asian currency devaluations against almost all other currencies has reduced the real value of the Asian package for those paid in local currencies, and many expatriates have accepted lower perquisties and benefits and payment in local currency rather than being sent home. There is no evidence however, that the second problem, i.e: the high disparities between lower level and higher level workers has been relieved at all.

William M Mercer's latest survey on the annual total cost compensation for Senior Managers in 12 Asia Pacific countries compared to their purchasing power, summarized in the table below, shows that purchasing power has decreased region-wide as a result of currency devaluations when compared to the data 3 years ago. Again compared to the situation 3 years ago, any change in compensation in local currency levels are negligible.

Total Cash Compensation is defined as annual base salary plus commissions, variable bonuses or incentives, and any other allowances paid in cash, excluding the cost of providing benefits, perquisties, and any reimbursement for business expenditures. "Senior Manager" is defined as a head of a division or function with major impact on the corporations results with at least 10 to 15 subordinates and 8 to 10 years experience. Organization size is normally between US$20 and US$70 million for an integrated manufacturing and sales operation.

For a global person, purchasing power of course is the most important index of relative compensation. We have already seen how the vagaries of economic globalization and international financial markets can turn a rich man into a pauper quicker than you can say "George Soros"...

Hong Kong managers, buffeted by their privileged access to a Chinese economy which suddenly seemed less risky than before just because the previously assumed stable economies came a tumbling, maintain the strongest purchasing power of senior managers in the region at US$128,065. A long way behind is Taiwan at US$94,332, Japan at US$87,752, and Singapore at US$86,878.

Indonesian and Chinese Senior Managers remain the poor men of the region.

Senior Management in Hong Kong are doing quite nicely thankyou, reflecting the less damaging effect of the Asian crisis on their economy and the increasingly important place of trade and business with China in our region.

...Hong Kong visas this way please.....