Majority of multinationals maintain expats' money transfers

The recession may be having little impact on the likelihood of UK citizens taking a cut in wages, new research indicates.

A poll by Sibson Consulting recently found the majority of US firms based overseas do not intend to reduce the wages of their international staff.

Figures from the survey reveal that 67 per cent of expats who continue in their posts will enjoy the same salary, which may interest UK citizens looking to transfer money to start new lives overseas.

In addition, 66 per cent plan to increase or maintain their current levels of international workers, while just 33 per cent will cut jobs held by foreign employees.

Michael Norman, senior vice-president from the consulting firm, said: "Despite the global recession, a majority of US multinationals are maintaining or increasing the number of expatriates around the world."

Meanwhile, financial advisor Shelter Offshore recently highlighted HSBC research that shows 85 per cent of expats plan to remain abroad during the recession, despite 19 per cent seeing a rise in living costs.

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By Linsey Summers