Top executives in Singapore receive the highest base salaries in the Asia-Pacific region, earning 32 per cent more than their peers in next-highest Hong Kong, professional services company Towers Watson said on Thursday.

When considering both senior and top management levels, the base salaries in Singapore are around 10 per cent higher than their Hong Kong counterparts', Towers Watson said in a statement on the release of its 2014/2015 Global 50 Remuneration Planning Report.

Executives at the top of the hierarchy in Singapore have an average base pay of about US$586,000 (S$809,000) per year, while those at the same level in Hong Kong have an average base pay of about US$445,000 (S$614,000) a year.

The base salaries at the top management level in Singapore and Hong Kong grew around six to eight per cent, while the base salaries overall edged three to four per cent higher, it said.

“Base salaries are, on the face of it, considerably higher in Singapore than Hong Kong, especially at a top management level, but the tax rates at those levels vary considerably and that has a bearing on take-home pay,” said Sambhav Rakyan, data services practice leader of Asia Pacific at Towers Watson.

“That said, we do see signs of regional headquarters moving from Singapore to other lower cost locations, such as Malaysia and Indonesia, to reduce staffing costs, subject to availability of talent," he added.

The findings of the survey offer some insight on the relative competitiveness of base salaries across the region and the impact of currency changes on base salaries in U.S dollar terms.