Rising rents hit European businesses in Singapore, cause anxiety among employees

[The_King]

SINGAPORE - Rising rents and costs amid inflation have led to European businesses operating in Singapore consider shifting operations out of the country, while employees exhibit visible anxiety and psychological distress over the higher residential rental costs.

These were the findings of a survey released last Friday. It had been conducted by the European Chamber of Commerce in Singapore (EuroCham) to assess the extent and severity of the impact of rising rental costs on business operations here.

The survey in March polled 268 businesses in total, with respondents employed by companies of all sizes.

EuroCham is an independent non-profit organisation representing the common interests of the European business community and promotes bilateral trade, services and investments among Europe, Singapore and the region.

It was found that 70 per cent of businesses surveyed are facing increasing difficulty in maintaining operations in Singapore due to rising rental and operational costs.

Other drivers of higher operational costs were found to be rising salaries and increased costs of renting business spaces.

 

A total of 97 per cent of companies polled indicated that employees showed psychological distress and reduced work performance over rising residential rental costs.

 

The survey revealed that half of the employees who had to renew their residential housing lease in 2023 or 2022 saw a rise of more than 40 per cent in rental costs.

However, 62 per cent of these employees do not receive any support, or receive less than $1,500 a month from their companies to meet their rent increases.

Businesses surveyed that face difficulties in maintaining operations in Singapore expressed a desire to relocate out of Singapore if the situation worsens.

https://www.straitstimes.com/business/rising-rents-hit-european-businesses-in-singapore-cause-anxiety-among-employees

[coffeenut]

Come SG pay lower corporate tax and personal tax .. 

 

If rents not high, then I worry 

[The_King]

"As much as any businesses can pack up and leave Singapore, so could any other native businesses ."

[Standing Birdy]

The name says it all EuroCham. Jin cham