publish time

18/06/2024

author name Arab Times

publish time

18/06/2024

KUWAIT CITY, June 18: Kuwait City landed on the 119th spot in Mercer’s Cost of Living City ranking for 2024 – up by 12 notches compared to 2023 when it ranked 131st. Mercer made the ranking based on the results of its study covering 226 cities around the world.

Among cities in Gulf Cooperation Council (GCC) member states; Dubai ranked first and 15th internationally, followed by Abu Dhabi that ranked 43rd in the world, Riyadh ranked 90th, Jeddah ranked 97th, Manama ranked 110th, Kuwait City ranked 119th and Doha ranked 121st. Mercer, a business of Marsh McLennan (NYSE: MMC) and a global leader in redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being, today released its 2024 Cost of Living City Ranking.

The ranking offers insights to help multinational employers plan compensation strategies for their international assignees. Hong Kong retained the top spot in this year’s ranking, followed by Singapore. Swiss cities Zurich, Geneva, and Basel round out the top five most expensive cities. “Cost-of-living challenges have had a significant impact on multinational organizations and their employees,” said Yvonne Traber, Mercer’s Global Mobility Leader.

“It is important for organizations to stay informed about cost-of-living trends and inflation rates and seek input from employees on these issues to effectively manage their effects.” Rising housing costs in many cities around the world have made talent mobility a challenge for employers. Volatile inflation trends are also erodingthe purchasing power of international assignees and putting additional strain on their compensation packages. These factors can make it difficult for employers to attract and retain top talent and can increase compensation and benefits expenses, limit talent mobility, and raise operational costs.