2025 Wrapped: 7 Key Updates for 2025 Including CPF Changes and Record-Low Personal Loan Rates

If 2025 felt like a blur, you’re not alone—between policy shifts, credit card changes and those (still) relentless scams, Singaporeans had to stay sharper than ever. The good news? Whether you’re a seasoned miles chaser, a soon-to-be retiree, or just someone keen on stretching your dollar, there was something this year that made life a little sweeter, or at least a little easier to navigate.

So, before you ring in 2026, take a minute to catch up. This is your definitive guide to the standout moments in 2025

Let’s get you ready to hit the ground running next year, shall we?

[ms-toc title="7 Key updates for 2025"]

1. Personal loan interest rates hit a 5-year low

If you needed extra funds in 2025, personal loan rates in Singapore dropped to as low as 1.60% p.a. (with EIRs from about 3.07% p.a.). Around 10 loan options offered rates below 2%—a sharp contrast to the 4–6% seen in recent years.

Why the drop?
Banks competed fiercely as demand for other loans cooled, rolling out aggressive offers with low rates, waived fees, and cashback. The best deals went to borrowers with strong credit and stable incomes, so always check the Effective Interest Rate (EIR) and not just the headline rate.

Should you borrow?
Lower rates mean cheaper borrowing, but don’t be tempted to take more than you need. Always compare widely, read the fine print, and borrow only what fits your budget.

2. CPF changes in 2025: What every Singaporean needs to know

2025 brought a whole suite of CPF changes aimed at helping Singaporeans build stronger retirement savings and offering extra support for seniors, platform workers, and lower-wage earners. Here’s what matters most this year:

Key highlights

CPF monthly salary ceiling raised (again)
The CPF monthly salary ceiling increased to $7,400 from 1 Jan 2025 (up from $6,800 in 2024). This means a larger chunk of your salary goes towards CPF, especially if you’re a higher-income earner. The ceiling will rise one final time to $8,000 in 2026.

Special Account (SA) closed for 55 and above
From 19 Jan 2025, the CPF Special Account (SA) is closed for members aged 55 and above. Your SA savings are transferred to your Retirement Account (RA) up to your Full Retirement Sum (FRS), earning at least 4% p.a. Any extra SA money (after setting aside your FRS) goes to your Ordinary Account (OA) and becomes withdrawable.

Retirement Sums and Enhanced Retirement Sum (ERS) raised

• Retirement sums increase by 3.5% each year.
• From 2025, the Enhanced Retirement Sum (ERS) is set at 4 times the Basic Retirement Sum (BRS)—that’s $426,000 for those turning 55 in 2025.

Higher CPF Contribution Rates for Senior Workers
From 1 Jan 2025, CPF contribution rates for employees aged 55–65 go up by 1.5%, helping senior workers boost their savings.

Matched Retirement Savings Scheme (MRSS) expanded
From 2025, the MRSS now covers seniors above age 70 and raises the annual matching cap from $600 to $2,000, with a lifetime cap of $20,000. Note: Tax relief for MRSS cash top-ups is removed.

CPF for Platform Workers
CPF contribution rates for platform workers (e.g. delivery riders, private-hire drivers) start increasing in 2025, with the aim of reaching parity with regular employees over 5 years.

Silver Support Scheme Enhancements
Quarterly payouts for eligible seniors go up by 20%, and the income threshold rises from $1,800 to $2,300 per household member.

Workfare Income Supplement (WIS) upgrades
From 2025, the WIS income cap rises to $3,000/month (from $2,500), and maximum annual payouts for lower-wage senior workers increase to $4,900.

What should you do?

• Review your CPF statement to check how the higher salary ceiling and retirement sum changes affect your savings and retirement plans.
• If you’re turning 55, be aware of the SA closure, new top-up limits, and withdrawal rules—especially if you plan to withdraw or transfer your CPF savings.
• Senior workers and platform workers should check new contribution rates and see how this boosts their long-term nest egg.
• Eligible seniors: See if you qualify for higher Silver Support or Workfare payouts.

3. Integrated Shield Plan (IP) riders: Major changes announced, coming in 2026

The Ministry of Health (MOH) announced in November 2025 that major changes to Integrated Shield Plan (IP) riders will kick in from 1 April 2026—all aimed at curbing rising healthcare costs and insurance premiums.

What’s new from April 2026:

• No more covering deductibles: New IP riders can’t cover the minimum deductible (set by MOH at $1,500–$3,500, depending on ward class).
• Higher co-payment cap: Annual co-pay cap jumps from $3,000 to $6,000 (excluding the deductible).
• Lower premiums: New riders are expected to cost about 30% less on average, with typical annual savings of $600 for private hospital plans and $200 for public plans.
• 5% co-payment stays: You’ll still need to pay at least 5% of each hospital bill.

Who’s affected?

• New policies from 1 Apr 2026 must comply.
• Riders bought between 27 Nov 2025 and 31 Mar 2026 will transition to the new terms by their next renewal after 1 Apr 2028.
• Existing riders (before 27 Nov 2025): No immediate change, but review your policy at renewal.

Check with your insurer or adviser if you’re unsure, especially if you’re planning to buy or renew a rider soon.

4. Credit cards: Major buffs for HSBC Revolution and Citi PremierMiles that never expire

If you care about miles and rewards, 2025 was a good year for credit card perks.

HSBC Revolution: Even more miles for everyday spend

• 4 mpd (miles per dollar) expanded: Now includes all contactless spend—not just dining, travel, or shopping.
• Monthly cap increased: Since 1 July, the monthly bonus cap has been raised to $1,500, so you can earn more each statement cycle.
• Annual fee remains waived: The card continues to be free for life.

Citi PremierMiles: Miles that never expire

If you’re a Citi PremierMiles cardholder, remember that your miles are evergreen—so you can save up for that big trip or first-class splurge without worrying about expiry dates. 

With more airline and hotel partners, plus an upgraded digital portal, now’s a great time to review your stash and maximise your rewards.

Should you switch?

If you already have these cards, check your updated rewards. If not, now’s a good time to compare your current earn rates—especially if you’re planning travel or big purchases. For those who want to check out other credit cards, use the comparison tool on our website.

5. Travel insurance in 2025: Trip cancellation coverage becomes the norm

Travel came roaring back in 2025, and so did demand for better travel insurance. This year, more insurers than ever introduced policies with comprehensive trip cancellation coverage, even for non-medical reasons.

What’s new?

• Expanded coverage: Some plans now reimburse you for cancellations due to airline bankruptcy, strikes, border closures, or natural disasters—not just illness or injury.
• Flexible add-ons: Several providers now let you customise trip interruption and cancellation add-ons right at purchase.

How to choose?

• Don’t just go for the cheapest plan. Check for the specifics on cancellation coverage in our guide—the fine print matters.
• Frequent flyer tip: Look for providers that offer quick digital claims and 24/7 global assistance, so you’re not left hanging if your plans go awry.

6. MoneySmart’s ‘Where’s My Reward?’: Delivering a personal touch to the rewards process

To wrap up 2025 with a twist, MoneySmart answered the age-old question—“Where’s my reward?”—by bringing it offline in true festive spirit. 

In a special Christmas campaign, CEO Vinod Nair donned a Santa suit and, together with a team of elves, hand-delivered rewards, goodie bags, and mystery gifts (including a Nintendo Switch Lite) straight to customers’ doorsteps across Singapore.

More than just a gimmick:
The surprise visits, captured in a cheerful year-end video, put a human face on the MoneySmart experience and reflected a simple goal: showing up, following through, and making customer rewards personal and memorable.

Track your own rewards:
If you’re wondering about your own reward, you can always check its status in your MoneySmart account dashboard. Once you see it’s “being processed,” it’s on its way. 

Need help? Reach out anytime at [email protected].

7. 2025’s biggest cautionary tale: Scams are getting more sophisticated

If there was one thing Singaporeans couldn’t afford to ignore in 2025, it was scams.

In just the first half of 2025, scam victims in Singapore lost $456.4 million across nearly 20,000 cases. While this was slightly lower than the same period in 2024, the bigger concern was how these scams evolved.

The most common (and dangerous) scam types in 2025

• Phishing scams were the most common, with 3,779 cases reported. Losses more than doubled year on year to $30.4 million, often through unauthorised card transactions after victims unknowingly gave up OTPs or card details.
• Government official impersonation scams nearly tripled in case numbers, with losses surging to $126.5 million. Victims were increasingly pressured into withdrawing cash, buying gold bars, or handing over valuables to “mules”.
• Investment scams, while fewer in number, caused the highest total losses—over $145 million in the first half of 2025 alone. Many victims were aged 30 to 49, often lured through chat groups, fake testimonials, or fraudulent crypto platforms.
• Crypto-related scams accounted for more than $81 million in losses, driven by irreversible transactions and fake investment sites.
• E-commerce scams remained widespread, with over 3,200 cases, though losses were comparatively smaller.

What changed in 2025?

Scammers increasingly relied on psychological pressure rather than hacking, manipulating victims into transferring money themselves. In nearly 80% of cases, scammers never took control of victims’ accounts—victims were convinced to act on their own.

MoneySmart’s take

If 2025 proved anything, it’s that scams no longer target just the careless or elderly. They target everyone—working adults, investors, frequent shoppers, and even crypto-savvy users. Always check the MAS Register of Representatives before investing, and never download unfamiliar apps, even if they look legit.

Closing thoughts on 2025

If you managed to end 2025 with a bigger nest egg, a fatter stash of miles, or just a few less financial headaches, you deserve a pat on the back. The year brought its fair share of both opportunities and curveballs, but Singaporeans who kept their eyes open came out on top.

Don’t want to FOMO in 2026? Make sure to bookmark MoneySmart’s homepage for the latest guides, reviews, and promotions.