Issue #28: What’s Happening This Week? Only 6% of Singaporeans Want to Live Longer, KrisFlyer Miles Get Buffed, And More

This week, we’re seeing retirement taking on new meaning, with locals putting quality of life above just adding years. KrisFlyer miles are getting a makeover—soon you’ll get more value from your hard-earned rewards, whether you’re flying or shopping. In the spirit of giving back, a local insurer is stepping up for endangered penguins (yes, really), while District 15 welcomes a new condo launch with prices that’ll get people talking.

At the corporate level, Singapore Airlines’ boss is taking home less pay despite record profits, and Singapore itself is attracting fewer millionaires as Thailand becomes the region’s new hot spot for the ultra-wealthy. Meanwhile, jobs and unemployment are both edging up—just as the effects of new US tariffs are about to make their mark.

If you want the pulse of what’s changing (and what’s not) in money, property, and more, here are 7 quick stories you shouldn’t miss. Let’s dive in.

TLDR; Singaporeans are focusing more on enjoying life and staying financially independent in retirement, rather than just living longer. KrisFlyer members can soon redeem their miles at a more favourable rate across flights, shopping, and experiences from 1 July 2025. Singlife has adopted African Penguins at Singapore Zoo, highlighting its commitment to wildlife conservation and community engagement. Far East Organization has opened sales for Amber House, a new freehold condo in District 15, with prices starting at $1.92 million. Singapore Airlines’ CEO took a 13.5% pay cut to $7.01 million, despite the airline achieving a record net profit. Singapore is expected to see fewer millionaire arrivals in 2025 as Thailand becomes a more popular destination for the wealthy. Job vacancies and unemployment both rose in Q1 2025, but the real effects of US tariffs are expected to show up in the coming quarters.

 

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

 

Singaporeans value quality of life over simply living longer

A recent survey by Manulife Singapore found that more people here are choosing to focus on enjoying life and maintaining dignity, rather than just living longer. The majority of respondents say their top priority is to stay active and live meaningfully as they age, with only 6% wanting a longer lifespan for its own sake.

Key highlights:

• 24% wish to stay active and enjoy life in their later years, while only 6% desire a longer life.
• 65% of Singaporeans are financially supporting their parents, and many use their own retirement savings to do so.
• While cash is still the most common retirement planning tool (35%), there’s a growing appetite for diversifying into investments that can provide better returns.
• Most recognise the impact of financial health on physical wellbeing, with 70% saying insurance gives them peace of mind in retirement.

Despite this awareness, many still lack sufficient insurance coverage, and a third do not plan to get more insurance soon. The findings show Singaporeans want a well-rounded approach to retirement—balancing financial independence, health, and happiness.

Get more insights from the Manulife’s Asia Care Survey 2025.

 

KrisFlyer miles get a boost

Good news for KrisFlyer members—your miles are about to stretch further. From 1 Jul 2025, Singapore Airlines and Scoot will let you use fewer miles to offset your flight costs. The rate is improving from 105 miles per $1 to just 100 miles per $1.

It’s not just for flights either. The new, better rate also applies to Kris+, KrisShop, and Pelago:

KrisFlyer miles redemption rates: Before & after (from 1 Jul 2025)

Category	Current Rate (until 30 Jun 2025)	New Rate (from 1 Jul 2025)
Flight bookings	105 KrisFlyer miles = $1	100 KrisFlyer miles = $1
Kris+	150 KrisPay miles = $1	100 KrisPay miles = $1
KrisShop	125 KrisFlyer miles = $1	100 KrisFlyer miles = $1
Pelago	150 KrisFlyer miles = $1	100 KrisFlyer miles = $1

To give you a quick recap:

• All SIA Group redemptions now use a simple 100 miles = $1 rate.
• Minimum redemption stays at 1,000 miles for KrisShop and Pelago, with a slightly lower minimum for Kris+.

So, if you’ve been hoarding your miles, this might be a great time to use them for flights, treats, or experiences.

 

Singlife adopts endangered penguins at Singapore Zoo to support conservation

Singlife has “adopted” the critically endangered African Penguins at Singapore Zoo, showing its ongoing commitment to conservation and education. This partnership with Mandai Wildlife Group is part of Singlife’s broader sustainability journey and its SG60 and Beyond campaign.

Key points:

• Why African Penguins? These adorable birds, native to southern Africa, face threats like habitat loss and dwindling food sources. Singlife’s support helps care for them and raises awareness about their plight.
• Community focus: Singlife invited youth from TomoWork—a charity supporting students with disabilities—for a special, hands-on learning day with the penguins.
• More than just penguins: Singlife is actively involved in other green efforts, like tree-planting (aiming for 1,500 trees by 2027) and empowering youth for meaningful careers.

This adoption is about more than symbolism; it’s a real boost for both wildlife and community, inviting everyone to play their part in protecting our planet’s most vulnerable animals.

 

Amber House launches in East Coast, with prices starting from $1.92 million

If you’re looking for a new home in the East, Far East Organization’s Amber House is now officially open for sale. This freehold project, located along Amber Gardens in District 15, offers 105 units in a sleek 16-storey tower. Prices start at about $2,900 per square foot (psf).

Key highlights:

• Two-bedroom units: Start from $1.92 million (635–753 sq ft, or about $3,020 psf)
• Three-bedroom units: From $2.9 million (980–1,238 sq ft, or $2,960 psf)
• Four-bedroom units: From $5.13 million (1,744 sq ft, or $2,940 psf)
• Every detail, from the layout to amenities, is designed with modern homeowners in mind

Amber House replaces the former Amber Glades, which was acquired in 2011. The launch was previously delayed to rework the concept for today’s living trends.

In comparison, recent new launches nearby have seen prices averaging between $2,465 and $2,732 psf, with freehold projects tending to command a premium. For buyers who value location and a freehold address, Amber House is one to watch this week.

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ALSO READ: Downpayment for Condo: How Much Do First-Timers Need in Singapore? (2025)

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SIA staff get over 7.45 months’ bonus, CEO salary falls 14%

SIA handed staff a healthy 7.45 months’ profit-sharing bonus—just below last year’s record payout. The airline’s chairman says SIA remains well-placed to weather challenges and shape the industry, despite rising competition and global uncertainties.

Meanwhile, Singapore Airlines’ CEO, Goh Choon Phong, saw his annual pay fall by 13.5% to $7.01 million for the financial year ending 31 Mar, even though the airline recorded its highest-ever net profit of $2.78 billion. Last year, his pay package was $8.11 million.

Here’s the breakdown:

• Base salary: $1.46 million
• Bonuses: $3.12 million
• Shares & benefits: $2.44 million

While SIA’s net profit reached a new high (helped by a $1.1 billion gain from the Air India and Vistara merger), operating profit actually dropped 37% to $1.71 billion as competition increased and airfares softened.

 

Singapore’s millionaire arrivals set to halve as Thailand emerges as new safe haven

Singapore may be famous for attracting the wealthy, but things are shifting in 2025. According to a new report by Henley & Partners, the city-state is expected to welcome just 1,600 new millionaires next year—less than half the 3,500 projected for 2024. This comes even as a record 142,000 millionaires worldwide are on the move.

• What’s changing? Traditional hotspots like Singapore, Australia, and Canada are seeing lower inflows, as places like Thailand step into the limelight.
• Thailand’s rise: Bangkok is becoming a top pick for high-net-worth individuals from China, Vietnam, and South Korea, thanks to its international schools, growing financial sector, and luxury property market.
• China’s outflow slows: Fewer wealthy Chinese are leaving, signalling improved confidence as the country recovers post-pandemic.
• Regional trends: Hong Kong is seeing a reversal, expecting a net inflow of 800 millionaires, while Europe faces historic outflows—especially from the UK.

 

Singapore’s job vacancies and unemployment edge up—tariff impact still to come

Singapore’s job market showed signs of both resilience and caution in the first quarter of 2025. According to the Ministry of Manpower (MOM), both job vacancies and unemployment ticked up, but the overall labour market remains tight, with about 1.64 job openings for every unemployed person.

What’s happening:

• More jobs and more jobseekers: Job vacancies rose to 81,100, while unemployment also increased slightly (overall at 2%, up from 1.9%).
• Slower hiring: Employment growth has cooled compared to late 2024, especially for non-residents. The pace is much slower than before, and many firms are holding off on big hiring decisions.
• Tariffs in the background: The effects of recent US tariffs haven’t yet shown up in the numbers—these are likely to hit in Q2 or Q3, especially in trade-related sectors.
• Retrenchments: Layoffs dipped slightly and remain at non-recessionary levels. Most retrenched residents are finding new jobs more quickly, with re-entry rates improving.
• Growth sectors: Vacancies are still concentrated in areas like healthcare, tech, finance, and professional services.

In short: While there’s some “wait and see” going on, Singapore’s labour market is holding steady for now, even as global uncertainties and new tariffs loom on the horizon.

 

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

This article was first drafted with the help of AI and later reviewed and refined by the author.

 

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About the author

Vanessa Nah likes her finance articles the way she likes her sitcoms—light-hearted, entertaining, and leaving people knowing a little more about life. She believes money—like life—should be made simple. Outside of work, you’ll find Vanessa attending dance classes, fingerpicking a guitar, and fulfilling her life mission to make her one-eyed cat the most spoiled kitty in the world.