Issue #14: What’s Happening This Week? Budget 2025 Debate, DBS Job Cuts, Free Buka Puasa Refreshment Sets, 83% off Vietjet Tickets

Before you dive into your weekend plans, here’s a quick rundown of what’s making waves this week. From AI-driven job cuts at DBS to FairPrice Group’s Ramadan initiative and the latest travel trends, we’ve got the headlines that matter—minus the fluff.

TLDR; Budget 2025 Debate: WP chief Pritam Singh takes aim at the GST hike, calling out its inflationary impact and questioning the government’s fiscal planning. DBS Job Cuts: The bank plans to shed 4,000 temporary roles over 3 years as AI takes over, though 1,000 AI-related jobs will be added. FairPrice Group’s Ramadan Initiative: 75,000 complimentary Buka Puasa refreshment sets to be distributed across 59 stores throughout March. MariBank’s New Investment Offering: Mari Invest Income lets users tap into the global bond market with zero transaction fees and a low S$1 entry point. Singapore General Insurance Growth: The industry is set to hit S$8.1 billion by 2029, fueled by economic growth and regulatory developments. M1 Cashback Expansion: More brands, more ways to save—turn your everyday shopping into savings on your mobile bill. Klook’s Travel Pulse: Millennials and Gen Z see travel as therapy, but work, money, and time constraints leave them frustrated. Vietjet Launches IWD Promo: From 3–5 March 2025, get an 83% discount on your Eco-class tickets. Want more details? Let’s dive in.

Psst, missed last week’s issue? View all past editions of What’s Happening This Week? to catch up.

 

Budget 2025 debate: WP chief Pritam Singh criticises GST hike

Leader of the Opposition, Pritam Singh, didn’t hold back in Parliament, questioning the government’s decision to proceed with the GST hike despite soaring inflation. He pointed out that price increases are rarely proportional—a 1% GST hike doesn’t just mean a 1% increase in costs, but compounds over time.

Singh also criticised what he called “poor fiscal marksmanship,” noting that government revenue projections have fluctuated by as much as 27% in recent years. With the Assurance Package and CDC vouchers cushioning the blow now but set to expire, he raised concerns about long-term affordability for Singaporeans. And with new taxes on EV drivers incoming, he questioned why so much money needs to be collected when government revenue remains consistently strong come election time.

He wasn’t the only one weighing in. A total of 28 MPs and Nominated MPs spoke on the first day of the Budget debate on Wednesday (26 Feb), a marathon session lasting about 7 hours. The discussion covered not just the GST hike but also government support for families and the labour force. And there’s more to come—over 50 MPs are expected to speak before Prime Minister Lawrence Wong wraps things up on Friday (28 Feb).

With Singapore heading into an election year, the debate over the GST hike is set to be a key talking point. Thoughts?

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ALSO READ: Budget 2025 Summary: 12 Highlights You Need to Know

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DBS to cut 4,000 temporary jobs over AI shift

DBS Group CEO Piyush Gupta announced plans to cut 4,000 temporary jobs over the next 3 years as AI takes over tasks traditionally handled by humans. However, 1,000 new AI-related roles will be created.

Gupta admitted that for the first time in his 15-year tenure, he’s struggling to envision where new jobs will come from. While permanent employees won’t be affected, contract workers in DBS’ 19 markets will see job losses through natural attrition as projects conclude. The move positions DBS as one of the first major banks to detail job losses driven by AI advancements.

 

FairPrice Group marks Ramadan with 75,000 Buka Puasa refreshments, and more

FairPrice Group (FPG) is marking the start of Ramadan by distributing 75,000 complimentary Buka Puasa refreshment sets over 4 weeks. From 2 to 30 Mar 2025, Muslim customers breaking their fast can pick up free snacks and drinks at 59 FairPrice stores.

For the first time, volunteers from FPG HQ will join frontliners in distributing these snacks and drinks.

Additionally, FPG will:

• Pack 1,500 Ramadan care packs for Yayasan Mendaki and M³ beneficiaries on 3–4 Mar 2025.
• Host Hari Raya Mini Bazaars at FairPrice Xtra JEM (27 Feb–12 Mar) and Woodlands 888 (13–26 Mar), offering festive foods and essentials.
• Offer festive packet redemptions with a $30 spend, plus a Raya Festive Draw from 13 Feb–9 Apr 2025.
• Provide discounts on Ramadan and Hari Raya essentials until 9 Apr 2025.

MariBank launches new investment offering

MariBank has launched Mari Invest Income, a new investment product designed to provide stable and competitive returns. With 0 transaction fees and a minimum investment of just S$1, it’s positioned as an accessible option for both seasoned investors and beginners.

Currently available by invite only, Mari Invest Income will be rolled out to more users over the coming months.

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ALSO READ: Cash Management Accounts in Singapore: StashAway, Syfe, Endowus, Mari Invest, and More

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Singapore’s general insurance market to hit S$8.1B by 2029

According to GlobalData, Singapore’s general insurance industry is projected to grow at a 6.2% CAGR, reaching S$8.1 billion ($5.9B USD) in gross written premiums by 2029. The industry is expected to grow 6.4% in 2025, fueled by favourable regulatory policies, economic growth, and demographic shifts supporting increased private health insurance adoption

The insurance market is set for steady expansion, making it a sector to watch in the coming years.

M1 cashback programme expands

Telcos aren’t exactly the first place we think of for cashback, but M1 is changing that with an expanded programme featuring over 99 popular brands. Whether you’re shopping for beauty, fashion, flowers, or books, your spending can now translate into real savings on your mobile bill. New participating brands include: Olive Young, Sasa Global, FarEastFlora, Superdry Singapore, Pretty Ballerinas Singapore, Shein.com, and Kinokuniya. 

How it works:

• Spend via the My M1+ app with participating brands.
• Cashback is credited directly to your mobile bill.
• Enjoy savings without additional fees or hidden conditions.

If you’re in the mood to optimise your mobile bill, also check out the Citi M1 credit card:

 

Klook’s Travel Pulse—“Wanderlust Frustration” is now a thing

For 92% of travelers, that vacation glow doesn’t last long—post-travel blues hit hard, and nearly 40% of us dive straight into planning the next trip just to cope. Sound familiar?

Klook’s latest Travel Pulse research reveals that Millennials and Gen Z see travel as key to mental well-being—basically, the ultimate brain reset. But here’s the kicker: work, time, and finances are the real trip blockers. In fact, 9 in 10 young travelers say they can’t travel as often as they’d like.

Still, 84% have already locked in international trips for 2025, with Japan and Mainland China topping the must-visit list. And when it comes to spending, 91% prioritise experiences—putting up to half their travel budget toward activities. The secret sauce? 79% book experiences based on social media recommendations. Looks like 2025 is shaping up to be a pretty big year for travel.

 

Vietjet launches 83% discount on 83,000 Eco-class tickets for IWD

Vietjet’s celebrating International Women’s Day with an 83% discount on 83,000 Eco-class tickets—pretty sweet, right? The sale runs from 3–5 Mar 2025 for travel between 17 Mar and 22 May 2025. Just use the promo code ‘VJ83’ on their website or app.

Plus, Vietjet has expanded its Singapore-Vietnam flight network. Starting 30 Mar 2025, there’s a third daily round-trip flight between Singapore and Ho Chi Minh City. More flights mean more flexibility to plan a spontaneous girls’ trip, whether you’re hitting the beaches or diving into city adventures. Time to gather your squad and make it happen.

That’s all, folks! Stay tuned for next week’s What’s Happening This Week to keep up with the latest in finance, business, and beyond.