Asia-Pacific expats urged onto cheaper contracts
15/04/09 14:45
Expatriates living in the Asia-Pacific region are increasingly being forced onto cheaper contracts by employers looking to make cutbacks during the recession, it has been claimed.
According to research published by human resources firm Mercer, 57 per cent of Asia-Pacific respondents were looking to switch expatriate employees to local contracts in a bid to cut costs, the Financial Times reports.
That represents a higher proportion of people than in other parts of the world and provides a warning to expats in the region to ensure they have appropriate expat insurance to help them through difficult financial times.
Peter Promnitz, Mercer's Asia-Pacific chief executive, told the newspaper: "There is now a rising trend to convert expat packages."
The G20 summit in London earlier this year looked to tackle the global recession, with the leaders of the world's 20 richest nations agreeing to a $1 trillion (£680 billion) package of measures designed to boost the world's financial markets.
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