Updates · 2020 – 2026
Singapore Financial News & Updates
Tax, CPF, housing and banking changes affecting Singapore residents — each summarised from the announcement by the government agency or company that made it, and linked to the original.
All updates
89 updates, newest first
UOB Stops Clearing Swiss Franc and Japanese Yen Cheques From 15 Oct 2026
UOB will discontinue the clearing of Swiss Franc (CHF) and Japanese Yen (JPY) cheques from 15 Oct 2026, with 14 Oct 2026 the last day to submit such cheques for clearing. UOB said payments in CHF or JPY can continue through alternative channels such as Telegraphic Transfers (TTs).
What changed (effective 15 Oct 2026)
- Last day to submit CHF and JPY cheques for clearing: 14 Oct 2026
- CHF and JPY cheques: no longer accepted for clearing from 15 Oct 2026
Company announcement — figures are from UOB Group’s own release, not an official government source.
OCBC 365 Credit Card Cashback Revised From 1 Nov 2026: Groceries 6%, Telco and Utilities 0.25%
OCBC will move the OCBC 365 Credit Card to a single cashback tier from 1 Nov 2026, with a minimum spend of SGD 800 in a calendar month and a monthly cashback cap of SGD 160. Cashback on groceries and land transport rises to 6% from 3%, while telco, utilities, EV charging and streaming move to the 0.25% base rate from 3%.
What changed (effective 1 Nov 2026)
- Cashback structure: one simplified tier (from two tiers based on monthly spend)
- Minimum monthly spend: SGD 800 (from SGD 800 or SGD 1,600)
- Monthly cashback cap: SGD 160 (from up to SGD 80 or SGD 160)
- Groceries, land transport, dining and petrol: 6% (from 3% for groceries and land transport, 5% for dining and 6% for petrol)
- Watsons: 3% until 31 Mar 2027, then 0.25% from 1 Apr 2027 (from 3%)
- Telco, utilities, EV charging and streaming: 0.25% base rate (from 3%)
Company announcement — figures are from OCBC Group’s own release, not an official government source.
UOB Raises Manual Outward Telegraphic Transfer Fees From 1 Nov 2026
UOB said the minimum standard and cable fees for manual Outward Telegraphic Transfers (OTT) will increase from 1 Nov 2026. For all three payment types the new schedule is a 1/8% commission plus SGD 40 cable and/or agent charges, if any, and the minimum commission for payments from a foreign currency account without foreign exchange rises to SGD 35 from SGD 10.
What changed (effective 1 Nov 2026)
- Pay from SGD account: 1/8% commission (min. SGD 10, max. SGD 100) plus SGD 40 cable and/or agent charges, if any
- Pay from foreign currency account with foreign exchange: 1/8% commission (min. SGD 10, max. SGD 100) plus SGD 40 cable and/or agent charges, if any
- Pay from foreign currency account without foreign exchange: 1/8% commission (min. SGD 35, from SGD 10; max. SGD 300) plus SGD 40 cable and/or agent charges, if any
Company announcement — figures are from UOB Group’s own release, not an official government source.
4% Floor Rate on CPF SMRA Savings Extended to End-2027
CPF Board announced that the Government extended the 4% interest rate floor on Special, MediSave and Retirement Account (SMRA) monies for another year, from 1 Jan to 31 Dec 2027. For 1 Oct to 31 Dec 2026, the SMRA rate stays at the 4% floor, the Ordinary Account rate at 2.5% and the HDB concessionary loan rate at 2.6%.
What changed (effective 1 Jan 2027)
- SMRA interest rate floor: 4% p.a., extended to 31 Dec 2027
- SMRA interest rate, 1 Oct to 31 Dec 2026: unchanged at 4% p.a.
- Ordinary Account interest rate: unchanged at 2.5% p.a.
- HDB concessionary loan rate: unchanged at 2.6% p.a. (OA rate plus 0.1%)
- Extra interest: 1% on the first SGD 60,000 below 55; 2% on the first SGD 30,000 and 1% on the next SGD 30,000 at 55 and above
Singtel Special Discounted Shares to Move From CPF Board to CDP Accounts on 21 Nov 2026
Singtel Group and CPF Board will transfer Singtel Special Discounted Shares (SDS) from the CPF Board to SDS holders’ Central Depository (CDP) accounts on 21 Nov 2026, or to a designated CDP account created in their names. CPF withdrawal conditions are waived for SDS sale proceeds, including sales after the transfer.
What changed (effective 21 Nov 2026)
- Transfer to CDP accounts: 21 Nov 2026; no action is required to keep the shares
- Sales paused for the transfer: 19 to 20 Nov 2026
- SDS sale proceeds: CPF withdrawal conditions waived, including for sales after the transfer
- Shares in a designated CDP account: sale proceeds and dividends credited to the CPF Ordinary Account; sale proceeds may be taken in cash instead
OCBC Stops Card-Funded Bill Payments to Town Councils and Other Selected Billers From 10 Oct 2026
OCBC said that from 10 Oct 2026, OCBC Credit Card holders can no longer make bill payments via the OCBC app or OCBC Internet Banking to selected organisations, including several Town Councils, M1, Great Eastern General Insurance and SAFRA. Payments to these organisations from an OCBC savings or current account continue.
What changed (effective 10 Oct 2026)
- Card bill payments via OCBC app or Internet Banking: no longer available to the listed organisations from 10 Oct 2026
- Town Councils affected: Ang Mo Kio, Chua Chu Kang, Sembawang, Nee Soon, Tampines, Jalan Besar, Pasir Ris-Changi, Tanjong Pagar, Holland Bt Panjang, West Coast-Jurong West
- Other organisations affected: COURTS (Singapore), National Service Resort & Country Club, Great Eastern General Insurance, M1, NUS Society, SAFRA, Orchid Country Club
- Still available: payments from an OCBC savings or current account via the OCBC app or Internet Banking
Company announcement — figures are from OCBC Group’s own release, not an official government source.
NSman Tax Relief Corrected for About 15,000 Taxpayers for YA 2025 and YA 2026
MINDEF and IRAS said a MINDEF system error led to incorrect NSman tax relief for about 15,000 taxpayers, including NSmen and eligible parents and spouses, for Years of Assessment (YA) 2025 and 2026. Revised Notices of Assessment will be issued by September 2026: about 7,000 taxpayers will see a higher tax bill and about 8,000 a lower one.
What changed
- Taxpayers affected: about 15,000 (NSmen, eligible parents and spouses), YA 2025 and YA 2026
- Higher tax bill: about 7,000 taxpayers; about SGD 930,000 in total to be recovered
- Lower tax bill: about 8,000 taxpayers; about SGD 995,000 in total to be refunded
- Size of adjustment: less than SGD 200 for the vast majority; from under SGD 10 to about SGD 900
- Revised Notices of Assessment: issued by September 2026; GIRO instalment plans adjusted and refunds made automatically
ERP Resumes at Orchard Cordon on Weekdays From 7 Sep 2026: SGD 1.00 From 11:00 to 19:00
The Land Transport Authority (LTA) will resume Electronic Road Pricing (ERP) operations for the Orchard Cordon on weekdays from 7 Sep 2026, charging SGD 1.00 per Passenger Car Unit from 11:00 to 19:00. Rates for other previously announced timeslots and gantries remain unchanged.
What changed (effective 7 Sep 2026)
- Orchard Cordon, weekdays 11:00 to 19:00: SGD 1.00 per Passenger Car Unit (from SGD 0.00)
- Orchard Cordon locations: ERP operations at 11 locations, including Orchard Rd, Orchard Turn, Orchard Link and Fort Canning Tunnel
- Orchard Cordon, Saturdays: no change; LTA will assess whether to resume ERP operations on Saturdays for the next quarter
- Other timeslots and gantries: rates unchanged
OCBC Raises Premier Dividend+ Save and No Withdrawal Bonus to 0.85% from 1 Sep 2026
OCBC increased the Monthly Save and No Withdrawal bonus interest rate on the OCBC Premier Dividend+ Savings Account to 0.85% p.a. from 0.45%, with effect from 1 Sep 2026. The total interest rate becomes 1.70% p.a. (from 1.30%); the Monthly No Withdrawal bonus and base rates are unchanged.
What changed (effective 1 Sep 2026)
- Monthly Save and No Withdrawal bonus: 0.85% p.a. (from 0.45%)
- Monthly No Withdrawal bonus: unchanged at 0.80% p.a.
- Base interest: unchanged at 0.05% p.a.
- Total interest: 1.70% p.a. (from 1.30%)
Company announcement — figures are from OCBC Group’s own release, not an official government source.
HDB Income Ceiling Raised to SGD 16,000 for Families; New EC Ceiling to SGD 18,000
HDB set out measures announced at the National Day Rally 2026: the monthly household income ceiling for families buying a new subsidised HDB flat, a resale flat with the CPF Housing Grant or taking an HDB housing loan rises from SGD 14,000 to SGD 16,000 for HDB Flat Eligibility (HFE) letter applications from 24 Aug 2026. Singles aged 35 and above move to SGD 8,000 and new ECs to SGD 18,000.
What changed (effective 24 Aug 2026)
- Income ceiling, families: SGD 16,000 a month (from SGD 14,000)
- Income ceiling, singles aged 35 and above: SGD 8,000 a month (from SGD 7,000)
- Income ceiling, new EC units: SGD 18,000 a month (from SGD 16,000), for EC land sale tenders closing on or after 24 Aug 2026
- Applies to: HFE letter applications from 24 Aug 2026
- Ballot chances, families with or expecting children: one additional chance per Singapore Citizen child aged 18 and below for first-timer families, from the February 2027 sales exercise
- Next BTO sales exercise: November 2026 instead of October 2026, including Community Care Apartments in Toa Payoh
Enhanced Budget 2026 COL Special Payment of SGD 400 to SGD 600 Paid From 9 Sep 2026
MOF announced that over 2.4 million adult Singapore citizens will receive between SGD 400 and SGD 600 in cash under the Enhanced Budget 2026 Cost-of-Living (COL) Special Payment, paid automatically from 9 Sep 2026. Citizens aged 21 or older in 2026 who own no more than one property and have Assessable Income for YA 2025 of up to SGD 100,000 are eligible.
What changed (effective 9 Sep 2026)
- Payment per eligible citizen: SGD 400 to SGD 600 in cash (Budget 2026 announcement: SGD 200 to SGD 400)
- Eligibility: Singapore citizens aged 21 or older in 2026 who own no more than one property
- Income criterion: Assessable Income for YA 2025 of up to SGD 100,000; Annual Value of place of residence also taken into account
- Payment date: from 9 Sep 2026; NRIC linked to PayNow by 30 Aug 2026 for payment by 9 Sep 2026
- Recipients: over 2.4 million adult Singapore citizens
OCBC Reports 1H 2026 Net Profit of SGD 4.19 Billion; Interim Dividend of 47 Singapore Cents
OCBC reported net profit of SGD 4.19 billion for the first half of 2026, 13% above SGD 3.70 billion a year earlier. The Board declared an interim ordinary dividend of 47 Singapore cents per share, up from 41 Singapore cents a year earlier, a payout ratio of 50% of 1H26 net profit.
Key figures
- Net profit, 1H26: SGD 4.19 billion (1H25: SGD 3.70 billion)
- Net profit, second quarter 2026: SGD 2.22 billion (up 22% year on year)
- Interim dividend: 47 Singapore cents per share (from 41 Singapore cents a year ago)
- Payout ratio: 50% of 1H26 net profit
Company announcement — figures are from OCBC Group’s own release, not an official government source.
UOB Reports 2Q 2026 Net Profit of SGD 1.5 Billion; Interim Dividend of 88 Singapore Cents
UOB reported net profit of SGD 1.5 billion for the second quarter of 2026, up 10% from a year earlier, and SGD 2.9 billion for the first half, up 3%. The Board declared an interim dividend of 88 Singapore cents per ordinary share, a payout ratio of approximately 50%.
Key figures
- Net profit, 2Q26: SGD 1.5 billion (up 10% year on year)
- Net profit, 1H26: SGD 2.9 billion (up 3%)
- Interim dividend: 88 Singapore cents per ordinary share
- Payout ratio: approximately 50%
Company announcement — figures are from UOB Group’s own release, not an official government source.
DBS Reports 2Q 2026 Net Profit of SGD 3.08 Billion, Up 9%
DBS reported net profit of SGD 3.08 billion for the second quarter of 2026, 9% higher than a year earlier, and SGD 6.01 billion for the first half. The Board declared an ordinary dividend of 66 Singapore cents and a Capital Return dividend of 15 Singapore cents per share for the quarter.
Key figures
- Net profit, second quarter 2026: SGD 3.08 billion (up 9% year on year)
- Net profit, first half 2026: SGD 6.01 billion (up 5%)
- Ordinary dividend, second quarter: 66 Singapore cents per share
- Capital Return dividend, second quarter: 15 Singapore cents per share
- First-half dividends: 132 Singapore cents ordinary and 30 Singapore cents Capital Return per share
Company announcement — figures are from DBS Group’s own release, not an official government source.
Second Support Package: Extra SGD 300 CDC Vouchers in Jan 2027; Double U-Save Oct 2026 and Jan 2027
MOF announced on 29 Jul 2026 a second package of support measures of around SGD 900 million in response to the Middle East situation. All Singaporean households receive an additional SGD 300 in Community Development Council (CDC) Vouchers in January 2027, and eligible HDB households receive additional U-Save rebates in October 2026 and January 2027, bringing U-Save to double the regular GSTV – U-Save amount.
What changed
- CDC Vouchers 2027 (January): additional SGD 300 per Singaporean household, valid until 31 Dec 2027
- CDC Vouchers disbursed in FY2026: SGD 800 in total
- U-Save, October 2026 and January 2027: additional rebates on top of regular GSTV – U-Save; SGD 110 to SGD 190 per quarter in total, double the regular amount
- U-Save total for FY2026: SGD 760 (1- and 2-room flats) to SGD 440 (Executive / Multi-generation)
- ComCare Interim Assistance: at least SGD 250 a month, with more flexible income criteria, August to December 2026
15-Month Wait-Out Removed for Private Property Owners Buying Non-Subsidised Resale Flats
HDB removed, with immediate effect, the 15-month wait-out period for private residential property owners and ex-owners who buy a non-subsidised HDB resale flat without an HDB housing loan. Owners must dispose of their private residential property within six months of completing the purchase; the 30-month wait-out for subsidised flats, new ECs from developers and HDB housing loans is unchanged.
What changed
- Wait-out, non-subsidised resale flat without HDB loan: removed (was 15 months, in place since 30 Sep 2022)
- Disposal of private residential property: within six months of completing the resale flat purchase, in Singapore or overseas
- Wait-out, subsidised flat, new EC or HDB housing loan: unchanged at 30 months after disposal
Community Care Apartments Open From Age 55; Monthly BSP Fees Cut by 18% to 75%
MOH, MND and HDB lowered the minimum age for Community Care Apartments (CCAs) from 65 to 55, with effect from the October 2026 Build-To-Order (BTO) sales exercise. With a streamlined Basic Service Package (BSP) and a new MOH subsidy, residents of CCAs launched before 2026 see monthly BSP fees reduced by 18-75%, implemented from Q2 2027.
What changed
- Minimum age, applicant and spouse: 55 (from 65), from the October 2026 BTO sales exercise
- Also applies to: available CCAs at future Sale of Balance Flats exercises
- Monthly BSP fees, CCAs launched before 2026: reduced by 18-75% with the streamlined scope and subsidy, from Q2 2027
- BSP subsidy: new MOH subsidy, means-tested, for applicants unable to perform at least one Activity of Daily Living
- Emergency alert device: made optional
GST Voucher – Cash of Up to SGD 850 and MediSave Top-Ups of Up to SGD 450 in August 2026
MOF announced that about 1.5 million eligible adult Singaporeans will receive up to SGD 850 in GST Voucher (GSTV) – Cash and about 710,000 seniors SGD 150 to SGD 450 in GSTV – MediSave top-ups, with payments from 7 Aug 2026. GSTV – Cash depends on Assessable Income for YA 2025 and the Annual Value of the place of residence; GSTV – MediSave on age and Annual Value.
What changed (effective 7 Aug 2026)
- GSTV – Cash: up to SGD 850, for about 1.5 million adult Singaporeans
- GSTV – MediSave: SGD 150 to SGD 450, for about 710,000 seniors, credited to MediSave Accounts
- GSTV – Cash criteria: Assessable Income for YA 2025 and Annual Value of place of residence
- GSTV – MediSave criteria: age and Annual Value of place of residence
- Sign-up deadline for an August 2026 payment: 14 Jul 2026
- Total disbursed in 2026: about SGD 1.4 billion
SGX Board Lot Cut to 10 or 1 Unit From 5 Oct 2026, Starting With 11 Stocks Priced Above SGD 10
SGX Group said the standard board lot for stocks and certain other SGX-listed instruments priced above SGD 10 will be reduced from 100 units from 5 Oct 2026, starting with 11 stocks, and that depository agents may hold SGX securities for clients in omnibus broker custody accounts from 15 Jul 2026.
What changed (effective 5 Oct 2026)
- Board lot, priced above SGD 10 and up to SGD 100: 10 units (from 100 units)
- Board lot, priced above SGD 100: 1 unit (from 100 units)
- First reduction: 11 stocks priced above SGD 10
- Omnibus broker custody accounts: allowed from 15 Jul 2026
- Further board-lot reviews: every calendar quarter; next in Jan 2027
Company announcement — figures are from Singapore Exchange’s own release, not an official government source.
CPF Interest Rates Unchanged From 1 Jul to 30 Sep 2026; HDB Concessionary Rate Stays at 2.6%
CPF Board announced that from 1 Jul to 30 Sep 2026 the Ordinary Account (OA) interest rate stays at the 2.5% floor and the Special, MediSave and Retirement Account (SMRA) rate at the 4% floor, as both pegged rates remain below their floors. The HDB concessionary interest rate remains unchanged at 2.6%.
What changed (effective 1 Jul 2026)
- Ordinary Account interest rate, 1 Jul to 30 Sep 2026: unchanged at the 2.5% p.a. floor
- SMRA interest rate, 1 Jul to 30 Sep 2026: unchanged at the 4% p.a. floor
- HDB concessionary interest rate: unchanged at 2.6% p.a.
- Extra interest, members below 55: 1% on the first SGD 60,000 of combined balances (capped at SGD 20,000 for OA)
- Extra interest, members 55 and above: 2% on the first SGD 30,000 of combined balances (capped at SGD 20,000 for OA) and 1% on the next SGD 30,000
Mandatory Financial Advice for Complex Products to Be Removed Except for Selected Clients
MAS concluded its consultation on Product Highlights Sheets (PHS) and complex products such as structured notes and derivatives. It will remove the mandatory financial advice requirement for complex products except for investors who require additional protection, introduce pre-transaction alerts, and require a PHS for Investment-Linked Policies (ILPs), which will be classified as complex products.
What changed
- Mandatory financial advice for complex products: removed, except for investors who require additional protection
- Investors requiring additional protection: "Selected Clients" meeting any two of: aged 62 or older, not proficient in spoken or written English, below GCE "O" or "N" level
- Selected Clients: must receive financial advice unless they pass the Customer Knowledge Assessment (CKA) and opt out
- Pre-transaction alerts: all investors alerted that a product is complex; investors who fail the CKA alerted that it may not be suitable
- Investment-Linked Policies (ILPs): require a PHS and are classified as complex products
- Timing: legislative amendments to implement the changes to be consulted on at a later date
Executive Condominium MOP Extended to 10 Years; Deferred Payment Scheme Ends
MND announced three changes to the Executive Condominium (EC) scheme for EC Government Land Sale sites with tender closing dates on or after 8 May 2026: the Minimum Occupation Period (MOP) rises from five to 10 years, developers can no longer offer the Deferred Payment Scheme, and the first-timer quota rises from 70% to 90% with a two-year priority period.
What changed (effective 8 May 2026)
- Minimum Occupation Period: 10 years (from five years)
- Sale to any buyer: after the 15th year (from after the 10th year)
- Deferred Payment Scheme: no longer offered for uncompleted ECs; the Normal Payment Scheme applies to all EC buyers
- First-timer quota: 90% of units (from 70%)
- First-timer priority period: two years (from one month)
- Scope: EC Government Land Sale sites with tender closing dates on or after 8 May 2026
OCBC Lowers Bonus+ Savings Account Bonus Interest Rates from 1 Jun 2026
OCBC revised the bonus interest rates on the OCBC Bonus+ Savings Account from 1 Jun 2026: the Monthly Save and No Withdrawal bonus falls to 0.35% p.a. from 0.45%, and the Monthly No Withdrawal bonus to 0.70% p.a. from 0.90%. The base interest rate stays at 0.05% p.a.
What changed (effective 1 Jun 2026)
- Monthly Save and No Withdrawal bonus: 0.35% p.a. (from 0.45%)
- Monthly No Withdrawal bonus: 0.70% p.a. (from 0.90%)
- Base interest: unchanged at 0.05% p.a.
Company announcement — figures are from OCBC Group’s own release, not an official government source.
OCBC Lowers Premier Dividend+ Bonus Interest to 0.45% and 0.80% from 1 Jun 2026
OCBC revised the bonus interest rates on the OCBC Premier Dividend+ Savings Account from 1 Jun 2026: the Monthly Save and No Withdrawal bonus falls to 0.45% p.a. from 0.55%, and the Monthly No Withdrawal bonus to 0.80% p.a. from 1.00%. The base interest rate stays at 0.05% p.a.
What changed (effective 1 Jun 2026)
- Monthly Save and No Withdrawal bonus: 0.45% p.a. (from 0.55%)
- Monthly No Withdrawal bonus: 0.80% p.a. (from 1.00%)
- Base interest: unchanged at 0.05% p.a.
Company announcement — figures are from OCBC Group’s own release, not an official government source.
MAS Slightly Increases Rate of Appreciation of the SGD NEER Policy Band
MAS increased slightly the rate of appreciation of the SGD nominal effective exchange rate (NEER) policy band, with no change to the width of the band or the level at which it is centred. At its January 2026 review, MAS had maintained the rate of appreciation.
What changed
- Rate of appreciation of the policy band: increased slightly (maintained at the January 2026 review)
- Width of the policy band: no change
- Level at which the policy band is centred: no change
COL Special Payment Raised to SGD 400 to SGD 600; CDC Vouchers Brought Forward to June 2026
In a Ministerial Statement in Parliament on 7 Apr 2026, published by MOF, Senior Minister of State for Finance Jeffrey Siow announced that the Budget 2026 Cost-of-Living (COL) Special Payment rises by SGD 200 to between SGD 400 and SGD 600 per person, paid in September, and that the SGD 500 Community Development Council (CDC) Vouchers from Budget 2026 are brought forward from January 2027 to June 2026.
What changed
- Budget 2026 COL Special Payment: increased by SGD 200, to between SGD 400 and SGD 600 per person, disbursed in September
- COL Special Payment recipients: about 2.4 million Singaporeans
- SGD 500 CDC Vouchers (Budget 2026): brought forward from January 2027 to June 2026
- Active platform workers, private hire car and taxi drivers: SGD 200 in cash from the end of April 2026
OCBC Revises 360 Account Bonus Interest Rates from 1 May 2026
OCBC revised the bonus interest rates on the 360 Account from 1 May 2026; bonus interest is paid on the first SGD 100,000 of the balance. OCBC states a maximum of 4.45% a year when the salary, save, spend, insure and invest criteria are met, and the qualifying criteria are unchanged.
What changed (effective 1 May 2026)
- Salary bonus (salary credit of at least SGD 1,800): 1.00% p.a. on first SGD 75,000; 2.00% p.a. on next SGD 25,000
- Save bonus (balance increase of at least SGD 500 a month): 0.40% p.a.
- Spend bonus (at least SGD 500 on selected OCBC cards): 0.25% p.a.
- Insure and Invest bonuses: 1.00% p.a. on first SGD 75,000; 2.00% p.a. on next SGD 25,000; each for 12 months
- Grow bonus (average daily balance of SGD 250,000+): 1.20% p.a. on the first SGD 100,000
- Base interest: 0.05% p.a.
Company announcement — figures are from OCBC Group’s own release, not an official government source.
YA 2026 Tax Season: About 1 Million Taxpayers Get Tax Bills Directly; Filing Due 18 Apr 2026
IRAS said over 2 million individual taxpayers are expected to benefit from the No-Filing Service (NFS) for Year of Assessment (YA) 2026, with about 1 million receiving their tax bills directly under the Direct Notice of Assessment (D-NOA) from mid-March 2026. Individuals and partnerships required to file must do so by 18 Apr 2026.
Key figures (effective YA 2026)
- No-Filing Service (NFS), YA 2026: over 2 million taxpayers expected
- Direct Notice of Assessment (D-NOA): about 1 million taxpayers, tax bills from mid-March 2026
- Filing due date: 18 Apr 2026
- Amending a D-NOA tax bill: within 30 days of the tax bill, via the Amend Tax Bill digital service on myTax Portal
- Payment: within 1 month of the tax bill; 5% late payment penalty on unpaid tax unless on an approved instalment plan
OCBC Reports FY25 Net Profit of SGD 7.42 Billion; Total FY25 Dividend 99 Singapore Cents
OCBC reported net profit of SGD 7.42 billion for FY25, 2% below SGD 7.59 billion in FY24. The Board proposed a final ordinary dividend of 42 Singapore cents and a special dividend of 16 Singapore cents per share, bringing total FY25 dividends to 99 Singapore cents per share, or 60% of net profit.
Key figures
- Net profit, FY25: SGD 7.42 billion (FY24: SGD 7.59 billion)
- Final ordinary dividend: 42 Singapore cents per share
- Special dividend: 16 Singapore cents per share
- Total dividend, FY25: 99 Singapore cents per share (interim 41 Singapore cents, final 42 Singapore cents, special 16 Singapore cents)
- Payout: 60% of Group net profit
Company announcement — figures are from OCBC Group’s own release, not an official government source.
UOB Reports FY25 Net Profit of SGD 4.7 Billion; Total FY25 Dividend SGD 1.56 per Share
UOB reported net profit of SGD 4.7 billion for FY25, 23% lower than the previous year, with operating profit of SGD 7.7 billion. The Board recommended a final dividend of 71 Singapore cents per share, bringing the total FY25 dividend to SGD 1.56 per share including the interim dividend of 85 Singapore cents, a payout ratio of approximately 50%.
Key figures
- Net profit, FY25: SGD 4.7 billion (down 23% year on year)
- Final dividend: 71 Singapore cents per ordinary share
- Total dividend, FY25: SGD 1.56 per share (interim 85 Singapore cents plus final 71 Singapore cents)
- Payout ratio: approximately 50%
- Special dividend: 50 Singapore cents per share, paid over two tranches during 2025
Company announcement — figures are from UOB Group’s own release, not an official government source.
EASE (Private) Vouchers of SGD 1,200 for Senior-Friendly Fittings Roll Out From 1 Apr 2026
MND announced that the Enhancement for Active Seniors (Private Housing) Programme, or EASE (Private), is launched progressively from 1 Apr 2026. Eligible households in private properties with a Singapore Citizen senior each receive SGD 1,200 in vouchers subsidising 75% of the cost of selected senior-friendly fittings, with applications opening by age group from 1 Apr, 1 Jul and 1 Oct 2026.
What changed (effective 1 Apr 2026)
- Voucher per eligible household: SGD 1,200, subsidising 75% of the cost of selected senior-friendly fittings
- Eligibility: private-property households with a Singapore Citizen aged 65 and above, or aged 60 and above needing help with at least one Activity of Daily Living
- Applications from 1 Apr 2026: households with seniors aged 80 and above, or aged 60 and above needing help with at least one Activity of Daily Living
- Applications from 1 Jul 2026: households with seniors aged 70 and above
- Applications from 1 Oct 2026: households with seniors aged 65 and above
Budget 2026: CPF Top-Up of Up to SGD 1,500 in Dec 2026; Senior Contribution Rates Up From Jan 2027
CPF Board set out the CPF measures in the FY2026 Budget Statement on 12 Feb 2026: eligible Singaporeans aged 50 and above in 2026 receive a CPF top-up of up to SGD 1,500 in Dec 2026, and total contribution rates rise by 1.5 percentage points for employees aged above 55 to 60 and 1.0 percentage point for those above 60 to 65 from Jan 2027.
What changed
- CPF top-up, Dec 2026 (retirement savings below SGD 60,000): SGD 1,500 with annual value up to SGD 21,000; SGD 500 with annual value above SGD 21,000 to SGD 31,000
- CPF top-up, Dec 2026 (SGD 60,000 to below SGD 110,200): SGD 1,000 with annual value up to SGD 21,000; SGD 500 with annual value above SGD 21,000 to SGD 31,000
- Top-up eligibility: Born in 1976 or earlier and owning not more than one property
- Contribution rate, above 55 to 60: +1.5 percentage points total from Jan 2027, allocated to the Retirement Account
- Contribution rate, above 60 to 65: +1.0 percentage point total from Jan 2027, allocated to the Retirement Account
- CPF Transition Offset: Half of the 2027 employer increase, provided to employers automatically
CPF Board to Launch Voluntary Life-Cycle Investment Scheme in First Half of 2028
CPF Board announced a voluntary investment scheme offering simplified, low-cost, diversified life-cycle products from commercial providers, in response to the CPF Advisory Panel's recommendation. Its timeline has selected providers announced in the first half of 2027 and the scheme launched in the first half of 2028.
What changed (effective 2028)
- Scheme launch: Expected in the first half of 2028
- Product providers: Two to three providers, expected to be announced in the first half of 2027
- Products: Life-cycle products that rebalance towards lower-risk assets as a target date nears, with capped all-in fees
- Participation: Voluntary; existing CPF Investment Scheme (CPFIS) eligibility criteria apply
- Industry engagement: From Mar 2026
PARF Rebate Schedule Revised and Cap Lowered to SGD 30,000 from SGD 60,000
LTA set out the revised Preferential Additional Registration Fee (PARF) rebate schedule and cap for cars and taxis announced in the Budget 2026 Statement. For cars deregistered at not more than 10 years, rebates fall to 5%–30% of the Additional Registration Fee (ARF) paid (from 50%–75%) and the cap to SGD 30,000 (from SGD 60,000), for cars with COEs from the second COE bidding exercise in Feb 2026 onwards.
What changed (effective Feb 2026)
- Deregistered at not more than 5 years: 30% of ARF paid (from 75%)
- Deregistered above 5 to not more than 10 years: 25%, 20%, 15%, 10% or 5% of ARF paid by year of age (from 70%, 65%, 60%, 55% or 50%)
- Deregistered at more than 10 years: nil, unchanged
- PARF rebate cap: SGD 30,000 (from SGD 60,000)
- Applies to cars registered with COEs: COEs obtained from the second COE bidding exercise in Feb 2026 onwards
- Applies to cars that need no COE (e.g. taxis): those registered on or after 13 Feb
DBS Reports 2025 Net Profit of SGD 11.0 Billion; Total 2025 Dividend SGD 3.06 per Share
DBS reported net profit of SGD 11.0 billion for 2025, 3% lower than a year earlier. The Board proposed a final ordinary dividend of 66 Singapore cents per share plus a Capital Return dividend of 15 Singapore cents, bringing the total dividend for the year to SGD 3.06 per share, and plans Capital Return dividends of 15 Singapore cents a quarter for 2026 and 2027.
Key figures
- Net profit, 2025: SGD 11.0 billion (down 3%)
- Final ordinary dividend, fourth quarter: 66 Singapore cents per share (up 6 Singapore cents)
- Capital Return dividend, fourth quarter: 15 Singapore cents per share
- Total dividend, 2025: SGD 3.06 per share (SGD 2.46 ordinary, SGD 0.60 Capital Return)
- Planned Capital Return dividend: 15 Singapore cents per share per quarter for financial years 2026 and 2027
Company announcement — figures are from DBS Group’s own release, not an official government source.
On-Board Units Mandatory from 1 Jan 2027; Missed ERP Charges to Be Decriminalised
LTA announced Road Traffic Act amendments: from 1 Jan 2027, all Singapore-registered motor vehicles are required to have the ERP 2 On-Board Unit (OBU) installed to travel on public roads, and missed ERP payments become an administrative matter settled by vehicle owners. Owners who do not install the OBU within three months of LTA's final reminder pay SGD 35 (motorcycles) or SGD 70 (other vehicles) for installation.
What changed (effective 1 Jan 2027)
- OBU for Singapore-registered motor vehicles: mandatory to travel on public roads from 1 Jan 2027
- OBU installation after LTA's final reminder: free for three months from the reminder (sent from 15 Feb 2026), then SGD 35 for motorcycles and SGD 70 for other vehicles
- Missed ERP payments, from 1 Jan 2027: decriminalised and treated as an administrative matter; vehicle owners, rather than drivers, responsible
- Not paid within five days of the SMS notice: missed charge plus SGD 10 administrative fee; owner unable to transact with LTA until paid
- Services withheld until paid include: road tax renewal, use and encashment of PARF rebate and COE residual, vehicle transfer, and refunds of unused road tax and Off-Peak Car rebates
- Classic or Vintage Vehicles without an OBU: flat-rate ERP fee of SGD 3 (motorcycles) or SGD 10 (other vehicles) per ERP operational day travelled, from 1 Jan 2027
Matched MediSave Scheme Starts and MRSS Expanded to Singaporeans With Disabilities of All Ages
CPF Board said the Matched MediSave Scheme (MMSS) started on 1 Jan 2026 as a five-year pilot, matching cash top-ups to the MediSave Account of eligible Singapore Citizens aged 55 to 70 up to SGD 1,000 a year. From the same date, the Matched Retirement Savings Scheme (MRSS) covers eligible Singaporeans with disabilities of all ages.
What changed (effective 1 Jan 2026)
- MMSS matching grant: Up to SGD 1,000 a year on MediSave top-ups, pilot from 2026 to 2030
- MMSS eligibility in 2026: Citizens aged 55 to 70 with MediSave savings below SGD 39,500
- MRSS coverage: Extended to eligible Singaporeans with disabilities of all ages, with top-ups to the SA or RA
- MRSS matching grant: Up to SGD 2,000 a year, SGD 20,000 lifetime limit
- MRSS savings threshold in 2026: Retirement Account, or Ordinary and Special Account, savings below SGD 110,200
- Grant crediting: Beginning of 2027, for top-ups received by 31 Dec 2026
Relaxed Occupancy Cap for Renting Out Larger Homes Extended to 31 Dec 2028
HDB and URA extended the temporary relaxation of the occupancy cap for rental of 4-room and larger HDB flats and private residential properties of at least 90sqm by two years, to 31 Dec 2028. These homes may house up to eight unrelated persons instead of the previous cap of six.
What changed
- Occupancy cap, 4-room+ HDB flats and private homes of 90sqm+: up to eight unrelated persons (previous cap: six)
- Relaxation end date: 31 Dec 2028 (from 31 Dec 2026)
- HDB flats: HDB approval needed before the tenancy starts
- Private homes: registration with URA needed for the higher cap; up to six unrelated persons without registration
CPF Ordinary Wage Ceiling Rises to SGD 8,000 and Senior Contribution Rates Up From 1 Jan 2026
CPF Board listed the changes taking effect in January 2026: the CPF Ordinary Wage (OW) ceiling rises to SGD 8,000 from 1 Jan 2026, the last of four steps since 1 Sep 2023, and total contribution rates for employees aged above 55 to 65 rise by 1.5 percentage points. The CPF annual wage ceiling stays at SGD 102,000.
What changed (effective 1 Jan 2026)
- CPF Ordinary Wage ceiling: SGD 8,000 a month from 1 Jan 2026, the last of four steps since 1 Sep 2023
- Contribution rate, above 55 to 60: 34% total (from 32.5%); employer 16% (+0.5 percentage point)
- Contribution rate, above 60 to 65: 25% total (from 23.5%): 12.5% employer, 12.5% employee
- Contribution rates, 55 and below and above 65: unchanged
- CPF annual wage ceiling: unchanged at SGD 102,000
- CPF Transition Offset: Half of the 2026 employer increase, provided to employers for one year
Platform Worker CPF Rates Rise From Jan 2026: Operator Share 7%, Worker Share Up to 15.5%
CPF Board set out the 2026 step of the CPF rate increase under the Platform Workers Act: from Jan 2026 the platform operator's share is 7% at every age and the platform worker's share ranges from 5.5% to 15.5% by age. The increase is phased in from 2025 to 2029 for workers born in or after 1995 and those born earlier who opted in, to match employer-employee CPF rates (20% from workers, 17% from operators).
What changed (effective Jan 2026)
- Platform operator's share, all ages: 7.0%
- Platform worker's share, 35 and below: 13.0%
- Platform worker's share, above 35 to 50: 14.0% (above 35 to 45) and 15.0% (above 45 to 50)
- Platform worker's share, above 50 to 60: 15.5%
- Platform worker's share, above 60: 12.5% (above 60 to 65), 9.5% (above 65 to 70) and 5.5% (above 70)
- Platform Workers CPF Transition Support (PCTS), 2026: Offsets 75% of the increase in the worker's share of Ordinary and Special or Retirement Account contributions, for eligible workers earning SGD 3,000 and below
Basic Healthcare Sum Raised to SGD 79,000 for 2026
CPF Board announced that from 1 Jan 2026 the Basic Healthcare Sum (BHS) for members below 65 rises from SGD 75,500 to SGD 79,000, and is fixed at SGD 79,000 for members turning 65 in 2026. CPF interest rates for 1 Jan to 31 Mar 2026 are unchanged: 4% for the Special, MediSave and Retirement Accounts and 2.5% for the Ordinary Account.
What changed (effective 1 Jan 2026)
- Basic Healthcare Sum, members below 65: SGD 79,000 (from SGD 75,500)
- Basic Healthcare Sum, members turning 65 in 2026: Fixed at SGD 79,000 for life
- SMRA interest rate, 1 Jan to 31 Mar 2026: unchanged at 4% p.a.
- Ordinary Account interest rate: unchanged at 2.5% p.a.
- HDB concessionary loan rate: unchanged at 2.6% p.a.
2026 Owner-Occupier Property Tax Rebate of 15% (HDB) and 10%, Capped at SGD 500 (Private)
MOF and IRAS announced a one-off 2026 property tax rebate for all owner-occupied homes, offset automatically against the 2026 bill, which is due by 31 Jan 2026. After the rebate, owner-occupiers of three-room and larger HDB flats will see an average increase of SGD 2 to SGD 3 a month, while one- and two-room HDB flats continue to pay no property tax.
What changed (effective 2026)
- Rebate, owner-occupied HDB flats: 15%, one-off for 2026
- Rebate, owner-occupied private homes: 10%, capped at SGD 500, one-off for 2026
- Three-room and larger HDB flats, after rebate: average increase of SGD 2 to SGD 3 a month
- Private owner-occupiers, after rebate: half see an increase of less than SGD 6 a month
- 2026 bill due date: 31 Jan 2026
- Extended GIRO Scheme (Retirees), from 1 Jan 2026: all owners aged 65 or above, owner-occupied, assessable income up to SGD 39,000; instalments of up to 24 months
New IP Riders From 1 Apr 2026: No Deductible Cover, Minimum Co-Payment Cap Raised to SGD 6,000
MOH announced that from 1 Apr 2026, new Integrated Shield Plan (IP) riders sold may no longer cover the minimum IP deductible set by MOH, and the co-payment cap rises to a minimum of SGD 6,000 a year, excluding the deductible. Insurers stop selling non-compliant riders on the same day.
What changed (effective 1 Apr 2026)
- Minimum IP deductible: no longer coverable by new IP riders sold from 1 Apr 2026
- Co-payment cap: minimum SGD 6,000 a year (from SGD 3,000 set in 2018), excluding the deductible
- Minimum co-payment: unchanged at 5%
- Minimum IP deductibles (as at Nov 2025): SGD 1,500 to SGD 3,500 a policy year, by ward class
- Existing-design riders bought 27 Nov 2025 to 31 Mar 2026: move to compliant riders no later than the next policy renewal after 1 Apr 2028
Assurance Package Cash of SGD 100 to SGD 600 Paid From 5 Dec 2025
MOF announced that about 3 million adult Singaporeans will receive between SGD 100 and SGD 600 in Assurance Package (AP) Cash from 5 Dec 2025, depending on Assessable Income and the number of properties owned. AP Cash is paid each December from 2022 to 2026; the December 2026 tranche is SGD 100 to SGD 250.
What changed (effective 5 Dec 2025)
- Owns 0 to 1 property, Assessable Income up to SGD 39,000: SGD 600
- Owns 0 to 1 property, AI above SGD 39,000 to SGD 100,000: SGD 350
- AI above SGD 100,000, or owns more than one property: SGD 100 (from SGD 200 in Dec 2024)
- Income ceiling for the SGD 600 tier: Assessable Income up to SGD 39,000 (from SGD 34,000, since August 2025)
- December 2026 tranche: SGD 100 to SGD 250
- Total AP Cash, 2022 to 2026: SGD 700 to SGD 2,250 per person
UOB Lowers UOB One Account Rates for Card Spend Plus Salary Credit from 1 Dec 2025
UOB revised the interest rates on the UOB One Account from 1 Dec 2025. For customers meeting the SGD 500 card spend and salary credit criteria, the maximum effective interest rate on a SGD 150,000 balance becomes 1.90% p.a. (from 2.50%); rates for card spend alone, or card spend with 3 GIRO debits, are unchanged.
What changed (effective 1 Dec 2025)
- Card spend + salary credit, first SGD 75,000: 1.00% p.a. total interest (from 1.50%)
- Card spend + salary credit, next SGD 50,000: 2.50% p.a. total interest (from 3.00%)
- Card spend + salary credit, next SGD 25,000: 3.40% p.a. total interest (from 4.50%)
- Maximum EIR on SGD 150,000 (card spend + salary): 1.90% p.a. (from 2.50%)
- Card spend only, or card spend + 3 GIRO debits: unchanged
- Qualifying criteria: unchanged
Company announcement — figures are from UOB Group’s own release, not an official government source.
UOB Lowers UOB Stash Account Interest Rates from 1 Dec 2025
UOB revised the interest rates on the UOB Stash Account from 1 Dec 2025, lowering the total interest on the three SGD 30,000 tiers above the first SGD 10,000. The maximum effective interest rate on a SGD 100,000 balance becomes 1.50% p.a. (from 2.04%); the bonus interest criteria are unchanged.
What changed (effective 1 Dec 2025)
- Next SGD 30,000, first band: 1.40% p.a. total interest (from 1.60%)
- Next SGD 30,000, second band: 1.60% p.a. total interest (from 2.20%)
- Next SGD 30,000, third band: 2.00% p.a. total interest (from 3.00%)
- First SGD 10,000 and above SGD 100,000: unchanged at 0.05% p.a.
- Maximum EIR on SGD 100,000: 1.50% p.a. (from 2.04%)
- Bonus interest criteria: unchanged
Company announcement — figures are from UOB Group’s own release, not an official government source.
Great Eastern Launches GREAT SupremeHealth P Prime Integrated Shield Plan
Great Eastern introduced GREAT SupremeHealth (GSH) P Prime, a new Integrated Shield Plan (IP) for treatment through its network of partnering private hospitals, specialists and day surgery centres, and said its A-ward supplementary plan will cover post-stroke outpatient care from 1 Nov 2025.
What changed
- P Prime with supplementary plan, annual coverage limit: SGD 2.9 million
- P Prime with supplementary plan, out-of-pocket cap: SGD 6,500 per policy year on eligible bills
- P Prime post-cancer / post-stroke outpatient support: up to SGD 10,000 / SGD 2,000 per policy year
- A-ward supplementary plan, from 1 Nov 2025: adds post-stroke outpatient care and cover beyond MOH's Cell, Tissue, and Gene Therapy Product List
- A-ward plans with supplementary plan: combined annual limit SGD 1.4 million; out-of-pocket cap SGD 3,000 per policy year
Company announcement — figures are from Great Eastern Holdings’s own release, not an official government source.
4% Floor Rate on CPF SMRA Savings Extended to End-2026
CPF Board announced that the Government extended the 4% interest rate floor on Special, MediSave and Retirement Account (SMRA) monies for another year, from 1 Jan to 31 Dec 2026. For 1 Oct to 31 Dec 2025, the SMRA rate stays at the 4% floor and the Ordinary Account rate at 2.5%, as both pegged rates remain below their floors.
What changed (effective 1 Jan 2026)
- SMRA interest rate floor: 4% p.a., extended to 31 Dec 2026
- SMRA interest rate, 1 Oct to 31 Dec 2025: unchanged at 4% p.a.
- Ordinary Account interest rate: unchanged at 2.5% p.a.
- HDB concessionary loan rate: unchanged at 2.6% p.a.
- Extra interest: 1% on the first SGD 60,000 below 55; 2% on the first SGD 30,000 and 1% on the next SGD 30,000 at 55 and above
Healthpoints Redeemable for MediShield Life Premium Discounts at 150 Points to SGD 2
MOH started a three-year pilot on 18 Sep 2025 under which MediShield Life policyholders aged 40 and above, including those with Integrated Shield Plans, can exchange Healthpoints in the Healthy 365 app for MediShield Life premium discounts at 150 Healthpoints to SGD 2. Redeemed discounts apply at the next annual policy renewal.
What changed (effective 18 Sep 2025)
- Conversion rate for MediShield Life premium discounts: 150 Healthpoints to SGD 2 (regular rate: 150 Healthpoints to SGD 1)
- Eligibility: MediShield Life policyholders aged 40 and above, including Integrated Shield Plan holders
- Pilot period: three years from 18 Sep 2025
- When the discount applies: at the next annual MediShield Life policy renewal
EEAI Cap Cut to SGD 7,500 for 2026; VES Extended to End-2027 with Rebates for EVs Only
LTA and the National Environment Agency (NEA) announced that the Vehicular Emissions Scheme (VES) will run from 1 Jan 2026 to 31 Dec 2027 with revised bands, rebates and surcharges, with rebates for electric vehicles (EVs) only. The EV Early Adoption Incentive (EEAI) is extended to 31 Dec 2026 at 45% off the Additional Registration Fee (ARF), capped at SGD 7,500 (from SGD 15,000), and ceases from 1 Jan 2027.
What changed (effective 1 Jan 2026)
- EEAI, electric cars and taxis registered in 2026: 45% off the ARF, capped at SGD 7,500 (from SGD 15,000)
- EEAI from 1 Jan 2027: ceased
- VES period: extended from 1 Jan 2026 to 31 Dec 2027
- VES rebates: EVs only; hybrid vehicles no longer receive rebates; higher surcharges for more pollutive vehicles
- VES bands: vehicles now in Band A2 move to neutral Band B; those in Bands B, C1 and C2 move to C1, C2 and C3
- Combined EEAI and VES savings, electric cars: up to SGD 30,000 (registered in 2026) and SGD 20,000 (2027) off the ARF; SGD 0 ARF floor kept to 31 Dec 2027
CHAS Dental Subsidies Extended to CHAS Orange and Raised for Restorative Care From 1 Oct 2025
MOH announced enhanced Community Health Assist Scheme (CHAS) dental subsidies from 1 Oct 2025: CHAS Orange cardholders receive subsidies of up to SGD 45.50 for ten basic and preventive procedures, and subsidies rise for seven restorative procedures. From mid-2026, seniors aged 60 and above can use Flexi-MediSave for up to SGD 400 a year on root canal treatments and permanent crowns.
What changed (effective 1 Oct 2025)
- CHAS Orange, basic and preventive dental care: subsidies of up to SGD 45.50 for ten procedures, such as scaling and polishing
- Restorative procedures (PG, MG, CHAS Blue, CHAS Orange): higher subsidies for seven procedures, such as root canal treatment and dentures
- Flexi-MediSave for dental, aged 60 and above: up to SGD 400 a year for root canal treatments and permanent crowns, from mid-2026
- Dental fee benchmarks: published for 18 CHAS procedures; displayed at CHAS dental clinics from 1 Oct 2025
Family Care Scheme (Proximity) Starts; Second-Timer BTO Quotas Raised by 5 Percentage Points
HDB said the Family Care Scheme (FCS) (Proximity), first announced at the National Day Rally 2024, applies from the July 2025 sales exercises, giving married and single children priority for a new flat to live with or near their parents and replacing the Married Child Priority Scheme and Senior Priority Scheme. Second-timer quotas for 3-room and larger BTO flats also rise by 5 percentage points.
What changed (effective Jul 2025)
- Priority to live with or near parents: married and single children; replaces the MCPS and SPS, with no change to priority for married couples and seniors
- Quota for first-timer singles under FCS (Proximity): up to 30% of BTO flats and 2% of SBF flats, within the singles quotas of up to 65% of 2-room Flexi BTO flats and 5% of SBF flats
- Second-timer quota, 3-room Standard BTO flats: up to 20% (from up to 15%)
- Second-timer quota, 3-room Plus/Prime and 4-room or larger: up to 10% (from up to 5%)
- Deferred Income Assessment: only one of the two parties needs to be a current or recent full-time student or National Serviceman (previously both)
GST Voucher – Cash Income Threshold Raised to SGD 39,000; Up to SGD 850 Paid in August 2025
MOF announced that the Assessable Income threshold for GST Voucher (GSTV) – Cash rises from SGD 34,000 to SGD 39,000 from August 2025. Over 1.5 million adult Singaporeans receive up to SGD 850 in GSTV – Cash and about 690,000 seniors SGD 150 to SGD 450 in GSTV – MediSave, with payments from 6 Aug 2025.
What changed (effective Aug 2025)
- GSTV – Cash income threshold: Assessable Income up to SGD 39,000 (from SGD 34,000)
- GSTV – Cash: up to SGD 850, for over 1.5 million adult Singaporeans
- GSTV – MediSave: SGD 150 to SGD 450, for about 690,000 seniors, by age and Annual Value of home
- GSTV – Cash criteria: Assessable Income for YA 2024 and Annual Value of home
- Payments start: 6 Aug 2025
- Total disbursed in 2025: SGD 1.5 billion
Seller's Stamp Duty Holding Period Extended to 4 Years; Rates Up 4 Percentage Points
MND, MOF and MAS extended the Seller's Stamp Duty (SSD) holding period for residential property from three to four years and raised the SSD rate for each holding-period tier by four percentage points, for residential property bought on or after 4 Jul 2025. HDB owners are not affected because of the Minimum Occupation Period.
What changed (effective 4 Jul 2025)
- SSD holding period: 4 years (from 3 years)
- Sold within 1 year: 16% (from 12%)
- Sold after 1 year, within 2 years: 12% (from 8%)
- Sold after 2 years, within 3 years: 8% (from 4%)
- Sold after 3 years, within 4 years: 4% (from 0%)
- HDB flats: not affected, due to the Minimum Occupation Period
SGD 500 CDC Vouchers for All Singaporean Households From 13 May 2025
MOF and the People's Association / CDCs announced that all Singaporean households will receive SGD 500 in Community Development Council (CDC) Vouchers from 13 May 2025, a Budget 2025 measure. Households receive SGD 800 in CDC Vouchers in Financial Year 2025: SGD 500 in May and SGD 300 in January 2026, in addition to the SGD 300 received from 3 Jan 2025.
What changed (effective 13 May 2025)
- CDC Vouchers 2025 (May): SGD 500 per Singaporean household, from 13 May 2025
- Split of the SGD 500: SGD 250 for heartland merchants and hawkers, SGD 250 for supermarkets
- CDC Vouchers 2026 (January): SGD 300, valid until 31 Dec 2026
- CDC Vouchers in Financial Year 2025: SGD 800 in total
YA 2025: 60% Tax Rebate Capped at SGD 200; Dependant Income Threshold Raised to SGD 8,000
IRAS said all tax resident individuals automatically receive an Individual Income Tax rebate of 60% of tax payable for Year of Assessment (YA) 2025, capped at SGD 200. From YA 2025 the income threshold for dependant-related reliefs rises from SGD 4,000 to SGD 8,000, and Working Mother's Child Relief (WMCR) becomes a fixed amount for Singaporean children born or adopted on or after 1 Jan 2024.
What changed (effective YA 2025)
- Individual Income Tax rebate, YA 2025: 60% of tax payable, capped at SGD 200, applied automatically
- Dependant or caregiver income threshold: SGD 8,000 (from SGD 4,000) for Spouse, Parent, Qualifying Child, WMCR, Grandparent Caregiver and CPF Cash Top-up (spouse or siblings) reliefs
- WMCR, 1st child born or adopted from 1 Jan 2024: SGD 8,000, a fixed amount (from a percentage of earned income)
- WMCR, 2nd child / 3rd child and beyond: SGD 10,000 / SGD 12,000
- Paper filing due date (Forms P, B, B1, M): 18 Apr (from 15 Apr)
- Filing due date, YA 2025: 18 Apr 2025
Fresh Start Housing Grant Raised to SGD 75,000 From the July 2025 BTO Exercise
HDB set out Fresh Start Housing Scheme changes announced at MND's Committee of Supply debate and first announced in the Budget 2025 speech: the grant for eligible second-timer public rental families with children rises from SGD 50,000 to SGD 75,000 from the July 2025 BTO exercise, and first-timer public rental families with children can book flats under the scheme from the first BTO exercise in 2026.
What changed (effective Jul 2025)
- Fresh Start Housing Grant (second-timer families): SGD 75,000 (from SGD 50,000), from the July 2025 BTO exercise
- How it is paid: SGD 60,000 into the CPF Ordinary Account before key collection; SGD 15,000 in equal tranches over five years after
- First-timer public rental families with children: may buy a 2-room Flexi or 3-room Standard flat on a shorter lease, with the EHG of up to SGD 120,000 instead of the Fresh Start grant
- First-timer timeline: apply for Fresh Start from April 2025; book flats from the first BTO exercise in 2026
Silver Housing Bonus Raised to Up to SGD 40,000 From 1 Dec 2025
At MND's Committee of Supply debate, Minister Desmond Lee announced changes to the Silver Housing Bonus (SHB) for seniors who right-size to a 3-room or smaller HDB flat, from 1 Dec 2025: an extra SGD 10,000 for moving to a 2-room or smaller flat, CPF housing refunds counting towards the Retirement Account commitment, and eligibility for private homes with an Annual Value up to SGD 31,000.
What changed (effective 1 Dec 2025)
- Maximum SHB: SGD 40,000 (from SGD 30,000), with an extra SGD 10,000 for right-sizing to a 2-room or smaller flat
- Qualifying condition: commit a net increase of up to SGD 60,000 to the CPF Retirement Account; CPF housing refunds count, so a cash top-up may not be needed
- Private property with Annual Value SGD 21,000 to SGD 31,000: newly eligible: up to SGD 10,000 (3-room) or SGD 20,000 (2-room)
- Previous Annual Value limit: SGD 21,000 or less
CPF Special Account Closed for Members 55 and Above; ERS Set at SGD 426,000 for 2025
CPF Board closed the Special Accounts of about 1.4 million members aged 55 and above on 19 Jan 2025, moving savings to the Retirement Account up to the cohort Full Retirement Sum and the rest to the Ordinary Account at 2.5% p.a. The Enhanced Retirement Sum (ERS) was raised to four times the Basic Retirement Sum on 1 Jan 2025, at SGD 426,000 for 2025.
What changed (effective 19 Jan 2025)
- Special Account, members aged 55 and above: Closed on 19 Jan 2025 for about 1.4 million members
- SA savings above the cohort Full Retirement Sum: Moved to the Ordinary Account, earning 2.5% p.a.
- Enhanced Retirement Sum (2025): SGD 426,000, four times the Basic Retirement Sum (from three times)
- CPF LIFE payouts at the ERS, turning 55 in 2025: Up to SGD 3,300 a month for life from age 65
- MRSS matching grant: SGD 2,000 a year, SGD 20,000 lifetime cap (from SGD 600 a year); age cap of 70 removed
Platform Workers Act Starts 1 Jan 2025; Higher CPF Contributions Mandatory for Those Born From 1995
MOM announced that from 1 Jan 2025 the Platform Workers Act covers platform workers in three areas: CPF contributions, compensation for work injuries and a legal framework for representation. Increased CPF contributions are mandatory for platform workers born on or after 1 Jan 1995, and platform operators deduct CPF contributions from earnings and pay them to CPF Board monthly.
What changed (effective 1 Jan 2025)
- Increased CPF contributions: Mandatory for platform workers born on or after 1 Jan 1995
- Platform workers born before 1 Jan 1995: Able to opt in since 1 Nov 2024; there is no deadline and the decision to opt in cannot be reversed
- Born before 1 Jan 1995 and not opted in: Continue to make MediSave contributions and do not receive the platform operator's share
- Platform Workers CPF Transition Support, 2025: For lower-income platform workers: offsets 100% of their share of the increase in Ordinary and Special Account contributions
- Opt-ins as of Dec 2024: More than 8,000 platform workers
- Work injury compensation: Operators must provide insurance at the same level of coverage as employees under the Work Injury Compensation Act
CPF Monthly Salary Ceiling Rises to SGD 7,400 and Senior Contribution Rates Up From 1 Jan 2025
CPF Board listed the changes taking effect in January 2025: the CPF monthly salary ceiling rises to SGD 7,400, total contribution rates for employees aged above 55 to 65 rise by 1.5 percentage points, Workfare Income Supplement (WIS) income cap and payments increase, and Silver Support Scheme quarterly payments rise by 20%.
What changed (effective 1 Jan 2025)
- CPF monthly salary ceiling: SGD 7,400 from 1 Jan 2025, rising in stages to SGD 8,000 by 2026
- Contribution rate, above 55 to 60: 32.5% total: 15.5% employer, 17% employee (+1.5 percentage points)
- Contribution rate, above 60 to 65: 23.5% total: 12% employer, 11.5% employee (+1.5 percentage points)
- CPF annual salary ceiling: unchanged at SGD 102,000
- WIS qualifying income cap: SGD 3,000 (from SGD 2,500)
- Maximum Workfare payment: SGD 4,900 a year (from SGD 4,200)
Basic Healthcare Sum Raised to SGD 75,500 for 2025; SMRA Rate Falls to 4% Floor
CPF Board announced that from 1 Jan 2025 the Basic Healthcare Sum (BHS) for members below 65 rises from SGD 71,500 to SGD 75,500, and is fixed at SGD 75,500 for members turning 65 in 2025. For 1 Jan to 31 Mar 2025, savings in the Special, MediSave and Retirement Accounts (SMRA) earn the 4% floor rate as the pegged rate fell below it; the Ordinary Account rate stays at 2.5%.
What changed (effective 1 Jan 2025)
- Basic Healthcare Sum, members below 65: SGD 75,500 (from SGD 71,500)
- Basic Healthcare Sum, members turning 65 in 2025: Fixed at SGD 75,500 for life
- SMRA interest rate, 1 Jan to 31 Mar 2025: 4% p.a. floor rate
- Ordinary Account interest rate: unchanged at 2.5% p.a.
- HDB concessionary loan rate: unchanged at 2.6% p.a.
2025 Owner-Occupier Property Tax Rebate of 20% (HDB) and 15%, Capped at SGD 1,000 (Private)
MOF and IRAS announced a one-off 2025 property tax rebate for all owner-occupied homes, alongside the raised Annual Value (AV) bands for owner-occupier rates announced at Budget 2024, which apply from 1 Jan 2025. All owner-occupied HDB flats and over 90% of owner-occupied private homes will see lower property tax in 2025.
What changed (effective 1 Jan 2025)
- Rebate, owner-occupied HDB flats: 20%, one-off for 2025, offset automatically
- Rebate, owner-occupied private homes: 15%, capped at SGD 1,000, one-off for 2025
- First owner-occupier AV band: raised to SGD 12,000 (from SGD 8,000), from 1 Jan 2025
- One- and two-room HDB flats: continue to pay no property tax in 2025
- Other HDB flats: continue to be taxed at a marginal rate of 4% on the portion of AV above SGD 12,000
- Owner-occupied private homes: over 90% see lower property tax in 2025, after the rebate and AV band revision
Assurance Package Cash, MediSave Bonuses and Retirement Savings Bonus Paid in December 2024
MOF, MOH and MOM announced that in December 2024, about 2.9 million Singaporeans aged 21 and above in 2025 receive SGD 200 to SGD 600 in Assurance Package (AP) Cash. Those born in 1974 to 2003 receive a one-time MediSave Bonus of SGD 300 to SGD 500, and eligible Singaporeans born in 1973 or earlier the Majulah Package MediSave Bonus and Retirement Savings Bonus; both MediSave top-ups were enhanced in October 2024.
What changed (effective Dec 2024)
- AP Cash, aged 21 and above in 2025: SGD 200 to SGD 600, for about 2.9 million Singaporeans
- One-time MediSave Bonus, born 1974 to 2003: SGD 300 to SGD 500 (as enhanced in October 2024), for about 1.4 million Singaporeans
- Majulah Package MediSave Bonus, born 1973 or earlier: SGD 1,250 or SGD 2,000 (as enhanced in October 2024), for about 1.6 million Singaporeans
- Majulah Retirement Savings Bonus, born 1973 or earlier: SGD 1,000 or SGD 1,500 in CPF, for about 800,000 Singaporeans
Up to About 20,000 Additional COEs to Be Injected from Feb 2025
LTA announced it will progressively inject up to about 20,000 additional Certificates of Entitlement (COEs) across the vehicle categories from Feb 2025, over the next few years, citing vehicle usage trends and Electronic Road Pricing (ERP) 2.0 capabilities. The Vehicle Population Growth Rate (VGR) is kept at 0% p.a. for Categories A, B and D and at 0.25% p.a. for Category C from 1 Feb 2025 until 31 Jan 2028.
What changed (effective Feb 2025)
- Additional COEs: up to about 20,000 across the vehicle categories, injected progressively from Feb 2025 over the next few years
- VGR, Categories A, B and D: 0% p.a., unchanged (0% since 2018)
- VGR, Category C: 0.25% p.a., unchanged
- VGR period: 1 Feb 2025 to 31 Jan 2028
Shared Responsibility Framework for Phishing Scam Losses Starts on 16 Dec 2024
MAS and the Infocomm Media Development Authority (IMDA) announced that the Shared Responsibility Framework (SRF) for phishing scams will be implemented on 16 Dec 2024. It assigns financial institutions (FIs) and telcos duties to mitigate phishing scams, and sets expectations of payouts to affected scam victims where these duties are breached.
What changed (effective 16 Dec 2024)
- Framework start: 16 Dec 2024
- Scope: phishing scams; duties for financial institutions (FIs) and telecommunication companies (telcos)
- Payouts to scam victims: expected where FI or telco duties under the SRF are breached
- Added FI duty: real-time fraud surveillance to detect unauthorised transactions in a phishing scam that result in account draining
- Transition for the added duty: 6 months from the SRF's implementation
- Bank goodwill frameworks: banks also have their own discretionary goodwill frameworks to support scam victims, beyond the SRF
New Flats Classified as Standard, Plus or Prime From the October 2024 BTO Exercise
From the October 2024 Build-To-Order (BTO) exercise, HDB classifies new BTO projects as Standard, Plus or Prime by location, replacing the town-based framework; existing flats are not affected. Plus and Prime flats carry additional subsidies, a 10-year Minimum Occupation Period (MOP), subsidy recovery on resale and no renting out of the whole flat.
What changed (effective Oct 2024)
- Classification of new BTO projects: Standard, Plus or Prime by location (replaces the town-based classification)
- Minimum Occupation Period: 5 years for Standard; 10 years for Plus and Prime
- Subsidy recovery on resale: none for Standard; for Plus and Prime, a percentage of the resale price or valuation, whichever is higher
- Renting out the whole flat: allowed after MOP for Standard; not allowed for Plus and Prime
- First-timer singles: may apply for new 2-room Flexi flats in all locations (previously non-mature estates only)
- Existing flats: not affected, nor flats launched before the October 2024 BTO exercise
4% Floor Rate on CPF SMRA Savings Extended to End-2025; SMRA Rate 4.14% in Q4 2024
CPF Board announced that the Government extended the 4% interest rate floor on Special, MediSave and Retirement Account (SMRA) monies for another year, from 1 Jan to 31 Dec 2025. For 1 Oct to 31 Dec 2024, SMRA savings earn 4.14% as the pegged rate exceeds the floor, while the Ordinary Account rate stays at 2.5% and the HDB concessionary rate at 2.6%.
What changed (effective 1 Jan 2025)
- SMRA interest rate floor: 4% p.a., extended to 31 Dec 2025
- SMRA interest rate, 1 Oct to 31 Dec 2024: 4.14% p.a.
- Ordinary Account interest rate: unchanged at 2.5% p.a.
- HDB concessionary loan rate: unchanged at 2.6% p.a.
- Extra interest: 1% on the first SGD 60,000 below 55; 2% on the first SGD 30,000 and 1% on the next SGD 30,000 at 55 and above
VES Band A2 Rebate Lowered to SGD 2,500 for 2025; EEAI Kept at SGD 15,000 Cap
LTA and the National Environment Agency (NEA) set cleaner energy vehicle incentives for 1 Jan 2025 to 31 Dec 2025, lowering the Vehicular Emissions Scheme (VES) Band A2 rebate, which applies mainly to hybrid cars, from SGD 5,000 to SGD 2,500. The Band A1 rebate stays at SGD 25,000, and the EV Early Adoption Incentive (EEAI) stays at 45% off the Additional Registration Fee (ARF), capped at SGD 15,000.
What changed (effective 1 Jan 2025)
- VES Band A2 rebate (mainly hybrid cars): SGD 2,500 (from SGD 5,000)
- VES Band A1 rebate (most electric cars): unchanged at SGD 25,000
- EEAI, electric cars and taxis registered in 2025: unchanged at 45% off the ARF, capped at SGD 15,000
- SGD 0 ARF floor, electric cars and taxis: extended to 31 Dec 2025
- Combined VES and EEAI savings, electric cars: up to SGD 40,000 off the ARF
SGD 10 ERP Administrative Charge Waived for Missed Payments Settled Within Five Days
LTA announced that from 1 Oct 2024, motorists who miss an Electronic Road Pricing (ERP) charge will first get an SMS notification and a five-day grace period to pay it without the SGD 10 administrative charge. If payment is not made within the grace period, the missed charge plus the SGD 10 administrative charge applies, failing which a fine of SGD 70 is issued.
What changed (effective 1 Oct 2024)
- Missed ERP payment notice: SMS notification sent first, from 1 Oct 2024
- Grace period: five days from the date the SMS is sent
- Administrative charge if paid within the grace period: none (previously SGD 10, charged with the missed payment by letter)
- Paid after the grace period: missed ERP charge plus SGD 10 administrative charge, after a letter from LTA
- Not paid after the letter: fine of SGD 70
Maximum Daily Limit for Online CPF Withdrawals Lowered to SGD 50,000 From 25 Sep 2024
CPF Board lowered the maximum Daily Withdrawal Limit (DWL) for online CPF withdrawals from SGD 200,000 to SGD 50,000 with effect from 25 Sep 2024, as a safeguard against scams. Limits set above SGD 50,000 are lowered automatically on that date; the amount withdrawable by members aged 55 and above is unchanged.
What changed (effective 25 Sep 2024)
- Maximum Daily Withdrawal Limit, online: SGD 50,000 (from SGD 200,000)
- Existing limits above SGD 50,000: Automatically lowered to SGD 50,000 on 25 Sep 2024
- Default Daily Withdrawal Limit (since Nov 2023): SGD 2,000 for members aged 55 and above
- Amount withdrawable at 55 and above: Unchanged; amounts above SGD 50,000 are withdrawn online over multiple days or in person
- PayNow withdrawals (since 29 May 2024): One-time update of the registered bank account to a PayNow NRIC-linked account, with a 12-hour cooling period
Enhanced CPF Housing Grant Raised to Up to SGD 120,000 for First-Timer Families
Following the National Day Rally 2024, MND and HDB raised the maximum Enhanced CPF Housing Grant (EHG) for first-timer families from SGD 80,000 to SGD 120,000, and for first-timer singles from SGD 40,000 to SGD 60,000. The revised EHG applies to resale flat and HFE letter applications from 20 Aug 2024 and to new flats from the October 2024 BTO exercise.
What changed (effective 20 Aug 2024)
- Maximum EHG, first-timer families: SGD 120,000 (from SGD 80,000)
- Maximum EHG, first-timer singles: SGD 60,000 (from SGD 40,000)
- Increase by household income: SGD 5,000 to SGD 40,000 for families; SGD 2,500 to SGD 20,000 for singles
- Maximum total grants, resale flat (families): SGD 230,000 (from SGD 190,000)
- Applies to: resale flat and HFE letter applications on or after 20 Aug 2024; new flats from the October 2024 BTO exercise
LTV Limit for HDB Housing Loans Lowered to 75% From 80%
MND and HDB lowered the loan-to-value (LTV) limit for HDB housing loans from 80% to 75% with effect from 20 Aug 2024, in line with the 75% limit for loans from financial institutions. The lower limit applies to complete resale applications received by HDB from 20 Aug 2024 and to BTO applications from the October 2024 exercise onwards.
What changed (effective 20 Aug 2024)
- HDB housing loan LTV limit: 75% (from 80%)
- Financial institution loan LTV limit: unchanged at 75%
- Resale flats: complete resale applications received by HDB on or after 20 Aug 2024
- New flats: BTO applications from the October 2024 BTO exercise onwards
Budget 2024 COL Special Payment of SGD 200 to SGD 400 Paid in September 2024
MOF announced that more than 2.4 million adult Singaporeans will receive SGD 200 to SGD 400 in cash under the Budget 2024 Cost-of-Living (COL) Special Payment in September 2024. Adults who own no more than one property and have annual Assessable Income of up to SGD 100,000 are eligible, regardless of the type of property they live in.
What changed (effective Sep 2024)
- COL Special Payment: SGD 200 to SGD 400 in cash, for more than 2.4 million adult Singaporeans
- Eligibility: own no more than one property; annual Assessable Income up to SGD 100,000
- Payment via PayNow-NRIC: from 5 Sep 2024, for NRICs linked by 26 Aug 2024
- Payment via GIRO (bank details given by 27 Aug 2024): from 13 Sep 2024
PPHS (Open Market) Rental Voucher of SGD 300 a Month Opens on 1 Jul 2024
HDB announced that the Parenthood Provisional Housing Scheme (PPHS) (Open Market) Voucher opens on 1 Jul 2024 for eligible families renting an HDB flat or bedroom on the open market while awaiting their new flat. Eligible families receive SGD 300 a month on a reimbursement basis, up to SGD 3,600 for the full year.
What changed (effective 1 Jul 2024)
- Rental voucher: SGD 300 a month, paid on a reimbursement basis
- Maximum for the full year: SGD 3,600
- Tenancies covered: complete months of tenancy starting between 1 Jul 2024 and 30 Jun 2025
- Eligibility: PPHS criteria, including an uncompleted flat booked from HDB and a household income of SGD 7,000 and below
- Applications: open 1 Jul 2024 via the HDB InfoWEB
Fixed Expense Deduction Ratio Extended to Self-Employed Delivery Workers
IRAS expanded the Fixed Expense Deduction Ratio (FEDR) to qualifying self-employed delivery workers for the first time, allowing business expenses to be claimed as a prescribed percentage of gross delivery income instead of actual expenses, for income earned from 2023 onwards. Over 100,000 commission agents also get pre-filled income information in their tax returns.
What changed
- Eligibility: self-employed, gross delivery income of SGD 50,000 or less a year, using the prescribed delivery modes
- Applies to: income earned from 2023 onwards
- On foot, public transport or non-power-assisted bicycle: 20% of gross delivery income
- Motorised PMD, power-assisted bicycle or motorcycle: 35% of gross delivery income
- Van: 60% of gross delivery income
- Filing due date, Tax Season 2024: 18 Apr 2024
Initial Downpayment Cut to 2.5% for Couples on Deferred Income Assessment
At MND's Committee of Supply debate, Minister for National Development Desmond Lee announced that from the June 2024 Build-To-Order (BTO) sales exercise, couples eligible to defer their income assessment for the Enhanced CPF Housing Grant (EHG) and an HDB housing loan pay 2.5% of the flat price when signing the Agreement for Lease, regardless of financing option, down from 5% or 10%.
What changed (effective Jun 2024)
- Downpayment at signing of the Agreement for Lease: 2.5% of the flat price, regardless of financing option (from 5% or 10% under the Staggered Downpayment Scheme)
- Who it applies to: couples who are current or recent full-time students and/or National Servicemen, eligible to defer income assessment for the EHG and an HDB housing loan
- Applies from: June 2024 BTO sales exercise
OCBC Cuts Premier Dividend+ No Withdrawal Bonus to 2.20%, Raises Minimum Deposit to SGD 3,000
OCBC revised the OCBC Premier Dividend+ Savings Account from 1 Apr 2024: the Monthly No Withdrawal bonus interest rate falls to 2.20% p.a. from 2.60%, and the minimum monthly deposit for the Monthly Save and No Withdrawal bonus rises to SGD 3,000 from SGD 2,000.
What changed (effective 1 Apr 2024)
- Monthly No Withdrawal bonus: 2.20% p.a. (from 2.60%)
- Monthly Save and No Withdrawal bonus: unchanged at 1.05% p.a.
- Base interest: unchanged at 0.05% p.a.
- Total interest: up to 3.30% p.a. (from up to 3.70%)
- Minimum monthly deposit for Save and No Withdrawal bonus: SGD 3,000 (from SGD 2,000)
Company announcement — figures are from OCBC Group’s own release, not an official government source.
Budget 2024: CPF Special Account to Close for Members 55 and Above; ERS Raised to Four Times BRS
CPF Board set out the CPF changes announced in the FY2024 Budget Statement on 16 Feb 2024: the Special Account (SA) closes for members aged 55 and above from early 2025, and the Enhanced Retirement Sum (ERS) rises from three to four times the Basic Retirement Sum (BRS) from 2025. The Matched Retirement Savings Scheme (MRSS) and senior contribution rates also change from 1 Jan 2025.
What changed (effective 2025)
- Special Account, members aged 55 and above: Closed from early 2025; savings move to the Retirement Account up to the Full Retirement Sum, the rest to the Ordinary Account
- Enhanced Retirement Sum: Four times the BRS from 2025 (from three times)
- Full Retirement Sum: Remains at two times the BRS
- MRSS matching grant cap: SGD 2,000 a year with a SGD 20,000 lifetime cap from 1 Jan 2025 (from SGD 600 a year)
- MRSS age cap: Removed from 1 Jan 2025 (from age 55 to 70)
- Contribution rates, employees above 55 to 65: Employer +0.5 percentage point, employee +1 percentage point from 1 Jan 2025
Budget 2024 Majulah Package: Earn and Save, Retirement Savings and MediSave Bonuses Into CPF
CPF Board set out the Majulah Package announced on 16 Feb 2024 for Singapore Citizens in their 50s and early 60s, also extended to Pioneer and Merdeka Generation seniors: an annual Earn and Save Bonus from Mar 2025, plus a one-time Retirement Savings Bonus and MediSave Bonus in Dec 2024. Adults aged 21 to 50 also receive a one-time MediSave Bonus in Dec 2024.
What changed
- Earn and Save Bonus (yearly, first paid Mar 2025): SGD 400 to SGD 1,000 a year for working seniors with average monthly income of SGD 500 to SGD 6,000
- Retirement Savings Bonus (one-time, Dec 2024): SGD 1,500 for retirement savings below SGD 60,000; SGD 1,000 for SGD 60,000 to below SGD 99,400
- Bonus eligibility (Earn and Save, Retirement Savings): Own no more than one property and live in a property with annual value of SGD 25,000 or below
- MediSave Bonus, born 1959 or earlier (Dec 2024): SGD 750
- MediSave Bonus, born 1960 to 1973 (Dec 2024): SGD 1,500, or SGD 750 with annual value above SGD 25,000 or more than one property
- MediSave Bonus, aged 21 to 50 in 2024 (Dec 2024): SGD 100 to SGD 300
Owner-Occupier Property Tax AV Bands Raised From 1 Jan 2025; Lower Threshold Now SGD 12,000
MOF announced at Budget 2024 that all the Annual Value (AV) bands of the owner-occupier residential property tax rates are raised with effect from 1 Jan 2025. The lower threshold rises from SGD 8,000 to SGD 12,000 and the highest band from over SGD 100,000 to over SGD 140,000, with corresponding adjustments to the bands in between.
What changed (effective 1 Jan 2025)
- Lower AV threshold, owner-occupier rates: SGD 12,000 (from SGD 8,000)
- Highest AV band, owner-occupier rates: over SGD 140,000 (from over SGD 100,000)
- AV bands in between: adjusted correspondingly
- Retirees in higher-end homes: IRAS to offer a 24-month property tax instalment plan without any interest
GST Wrongly Charged on 18 Government Fees Stopped, with Refunds from March 2024
MOF said a review found that 18 fees across six government agencies were wrongly charged GST, as the fees are regulatory in nature. The agencies stopped charging GST on these fees from 14 Feb 2024 and will refund affected taxpayers, with interest, from March 2024.
What changed (effective 14 Feb 2024)
- Fees affected: 18 fees across six agencies, found on review to be regulatory in nature
- GST on these fees: no longer charged from 14 Feb 2024
- Refunds: with interest, from March 2024, based on records of taxpayers who transacted since 1 Jan 2019, and earlier where records are available
- Individuals and non-GST-registered entities: about SGD 1.5 million a year in wrongly charged GST; mostly SGD 5 or less per transaction
- Not contacted by 30 Jun 2024: affected taxpayers can contact the agencies for a refund
Non-Owner-Occupier Residential Property Tax Rates Rise to 12% to 36% From 1 Jan 2024
MOF and IRAS stated that the second and final step of the property tax rate increase announced at Budget 2022 takes effect from 1 Jan 2024. Residential properties not occupied by their owners are taxed at progressive rates of 12% to 36% on Annual Value (AV).
What changed (effective 1 Jan 2024)
- Non-owner-occupier rate, first SGD 30,000 of AV: 12% (from 11% in 2023)
- Non-owner-occupier rate, next SGD 15,000 of AV: 20% (from 16% in 2023)
- Non-owner-occupier rate, AV from SGD 45,000 to SGD 60,000: 28% (from 21% in 2023)
- Non-owner-occupier rate, AV above SGD 60,000: 36% (from 27% in 2023)
ABSD Raised to 20% for Citizens' Second Home and 60% for Foreigners From 27 Apr 2023
MOF, MND and MAS raised the Additional Buyer's Stamp Duty (ABSD) rates for residential properties acquired on or after 27 Apr 2023. ABSD for Singapore Citizens and Permanent Residents buying their first residential property stays at 0% and 5% respectively.
What changed (effective 27 Apr 2023)
- Singapore Citizens, second residential property: 20% (from 17%)
- Singapore Citizens, third and subsequent property: 30% (from 25%)
- Permanent Residents, second residential property: 30% (from 25%)
- Permanent Residents, third and subsequent property: 35% (from 30%)
- Foreigners, any residential property: 60% (from 30%)
- Entities or trusts, any residential property: 65% (from 35%), except housing developers
Top Buyer's Stamp Duty Rates Raised to 6% for Homes and 5% for Non-Residential Property
MOF raised the top marginal Buyer's Stamp Duty (BSD) rates for properties acquired on or after 15 Feb 2023. For residential property, the portion of value in excess of SGD 1.5 million up to SGD 3 million is taxed at 5% and the portion in excess of SGD 3 million at 6%, up from 4%.
What changed (effective 15 Feb 2023)
- Residential, above SGD 1.5 million up to SGD 3 million: 5% (from 4%)
- Residential, above SGD 3 million: 6% (from 4%)
- Non-residential, above SGD 1 million up to SGD 1.5 million: 4% (from 3%)
- Non-residential, above SGD 1.5 million: 5% (from 3%)
- First SGD 180,000, next SGD 180,000, next SGD 640,000: unchanged at 1%, 2% and 3% for residential and non-residential property
Retirement Sums Increase for Members Turning 55 in 2023 to 2027: BRS SGD 110,200 in 2026
CPF Board set out the Basic Retirement Sum (BRS) and Full Retirement Sum (FRS) for members turning 55 from 2023 to 2027. Members turning 55 in 2026 have a BRS of SGD 110,200 and an FRS of SGD 220,400, up from SGD 106,500 and SGD 213,000 for those turning 55 in 2025.
What changed (effective 2026)
- Basic Retirement Sum, members turning 55 in 2026: SGD 110,200 (SGD 106,500 for 2025)
- Full Retirement Sum, members turning 55 in 2026: SGD 220,400 (SGD 213,000 for 2025)
- Estimated payout at 65 with the BRS, 2026 cohort: SGD 950 a month (CPF LIFE Standard Plan, male member)
- Estimated payout at 65 with the FRS, 2026 cohort: SGD 1,780 a month (CPF LIFE Standard Plan, male member)
- Members turning 55 in 2027: BRS SGD 114,100; FRS SGD 228,200
GST Rate Raised From 8% to 9% on 1 Jan 2024, the Second of Two Steps
MOF announced at Budget 2022 that the increase in the Goods and Services Tax (GST) rate would be staggered over two steps: from 7% to 8% on 1 Jan 2023, and from 8% to 9% on 1 Jan 2024. The Government said it would continue to absorb GST on publicly-subsidised healthcare and education.
What changed (effective 1 Jan 2024)
- GST rate from 1 Jan 2024 (second step): 9% (from 8%)
- GST rate from 1 Jan 2023 (first step): 8% (from 7%)
- Publicly-subsidised healthcare and education: GST to continue to be absorbed by the Government
Top Personal Income Tax Rates Raised to 23% and 24% From YA 2024
MOF announced at Budget 2022 that the top marginal personal income tax rate would be raised from Year of Assessment (YA) 2024. The portion of chargeable income in excess of SGD 500,000 up to SGD 1 million is taxed at 23%, and the portion in excess of SGD 1 million at 24%, both up from 22%.
What changed (effective YA 2024)
- Chargeable income above SGD 500,000 up to SGD 1 million: 23% (from 22%)
- Chargeable income above SGD 1 million: 24% (from 22%)
SIBOR to Be Discontinued by End-2024 as SORA Becomes the Main SGD Interest Rate Benchmark
MAS announced that the industry steering committee for the SORA transition, renamed the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS), would also oversee the move from the Singapore Interbank Offer Rate (SIBOR), widely used in retail mortgages, to the Singapore Overnight Rate Average (SORA). An industry report set out the discontinuation of the remaining SIBOR tenors in phases, by end-2024.
What changed
- SIBOR: remaining tenors discontinued in phases, by end-2024
- Replacement benchmark: SORA, published by MAS, as the main interest rate benchmark for SGD financial markets
- Transition oversight: SC-STS: senior representatives from key banks in Singapore, relevant industry associations and MAS
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