The cost of living index in various countries can be different. Since each country will have its specific cost to cover the daily needs. Starting from the transportation cost, meal cost, accommodation cost, education cost, and many more. This lead to an interesting thing to compare the cost of living index of each country.
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That everyone can see which index is the highest and which one is quite low. This is also a way to define which country is a nice place to stay. For further information, related to this matter, the following paragraphs will help to discuss more.
Overview About Cost of Living Index
A cost of living index is an index price that is related to the daily expenses in a country. With this index, people will be able to get information regarding the daily costs to spend in the country. Furthermore, it is a mechanism to measure costs too. So that they can estimate how much cost shall be spent in a day or a month in a certain place.
To measure this index, usually, some surveys are performed to get actual data related to the number. So that it will describe an actual value according to the surrounding area of the country.
The Benefit of Cost of Living Index
There are several major benefits of creating the cost of living index. Mainly for those who plan to be an expatriate overseas or run a business in other countries. With this index, the following benefits can be reached.
• Measure Cost Expenses
The main benefit to reach from the index is to help measure the daily expense in a certain country. With this index, it will help you to figure how much cost shall be spent for the accommodation, for transportation, or else. So that people can prepare accordingly whenever he plans to move to the country for any reason. You will also be able to figure which cost is defining the most. Either it is the meal cost or the accommodation cost.
• Define Economy Grow
The cost of living index is also a way for a country to define its economic growth. Normally, a country with a high rate of the index means a country with good wellness. Since aligning with this index rate, the overall cost defining the index will be similar. When the number is high, then the cost is also high. When a country has a high index, it means that its economy is pretty good and has sufficient growth.
• Salary Benchmark
The index is also another approach to get a salary benchmark of a country. If you have an overview related to the costly expense of a country, you can then estimate the number of salaries received by their citizen. A country with a high index certainly will receive better remuneration to cover these expenses. Therefore, living in a country with a high index will allow you to get a higher salary rather than in an area with a low index.
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Sample Cost of Living Index in Various Countries in The World
Through the above explanation, it is clear that the cost of living index is one of important information. Therefore, to get some preliminary overview related to the index of some countries can be a benefit for further purposes. Such as to run a business or to take jobs overseas. The following are some samples of the cost of living index in certain wealthy countries in the world.
Cost of Living Index in Switzerland
Switzerland is one of the countries with a quite high index. This year the country notes the 125.02 indexes which are mainly governed by the groceries index. This means that the cost for a meal in the country is dominant than the other cost, such as accommodation cost. Since the cost of rent index is much lower, only at 92.59.
Cost of Living Index in Norway
Another country with a high index rate is Norway that notes a 103.56 index which is mainly governed by the groceries index. This means that the cost for a meal in the country is dominant than the other cost, such as accommodation cost. Since the cost of rent index is very low, only at 36.91.
Cost of Living Index in Singapore
This year Singapore notes 82.63 indexes which are mainly governed by the groceries index. This means that the cost for a meal in the country is dominant than the other cost, such as accommodation cost. Since the cost of rent index is much lower, only at 64.98.
Cost of Living Index in The UK
This year the UK notes a 70.64 index which is mainly governed by the groceries index. This means that the cost for a meal in the country is dominant than the other cost, such as accommodation cost. Since the cost of rent index is much lower, only at 33.03.
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Those all some information related to the cost of living index in some famous countries in the world. With this information, it can give an overview on how much money to prepare to cover all the daily needs on those countries. So that in case you make a plan to move to one of the countries above, you can figure your income and your expenses too.
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