Issue #3: What’s Happening This Week?—Passport-Free Travel to JB, Falling CPF Rates, and More

This week, our finance news stories impact your savings, travel, and even health care options. From tweaks to CPF interest rates to passport-free travel initiatives, the latest headlines are filled with exciting changes—both bad and good—that you can expect in 2025.

Planning your finances? We’ve got updates on CPF rates and the latest changes to the Basic Healthcare Sum. For frequent travelers to Johor, a passport-free immigration system could soon make those trips seamless. Plus, if you’re worried about scams, the surge in adoption of the “money lock” feature shows how Singaporeans are keeping their hard-earned money safe. Dive into the details below to learn how these changes might affect you.

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

 

CPF Special, MediSave and Retirement account interest rates to fall in 2025

Good news, bad news: CPF’s Special, MediSave, and Retirement Account (SMRA) interest rates are set to dip slightly from 4.14% to 4% for the first quarter of 2025.

The decrease is due to the 12-month average yield of 10-year Singapore Government Securities (to which the SMRA rates are pegged) falling below the 4% floor rate. So, while the pegged rate technically calculates to 3.99%, CPF members can rest assured they’ll still earn the guaranteed minimum rate of 4%.

For the Ordinary Account and HDB housing loans, no changes! Their rates remain steady at 2.5% and 2.6%, respectively.

Meanwhile, the Basic Healthcare Sum for MediSave will increase to $75,500 in 2025 (up from $71,500 in 2024) for members under 65. This sum ensures sufficient savings for basic subsidised healthcare and stays fixed once you turn 65.

Lastly, the extra interest scheme continues. CPF members under 55 will enjoy an additional 1% on their first $60,000, while those 55 and above get up to 2% extra interest on their first $30,000, and 1% on the next $30,000. These perks also apply to those enrolled in CPF LIFE.

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ALSO READ: Ultimate Dummies Guide to the CPF Scheme: 15 Terms You Need to Know Now

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Passport-free travel at Johor checkpoints by mid-2025

Big news if you’re a JB tripper: by mid-2025, Johor’s land checkpoints may go passport-free for Singaporeans and other foreign visitors. Instead of the usual passport checks, you could breeze through immigration using a QR code!

The move is part of Malaysia’s efforts to modernise and streamline one of the busiest land crossings in the world. It’s not just about convenience for travellers—it’s also a response to calls from foreign investors keen on smoother travel for their operations in Johor.

Malaysia has already piloted the QR code system and will roll it out to Malaysian citizens starting early next year. By mid-2025, the system is expected to include all passport holders. This announcement follows Singapore’s own plan to introduce passport-free travel at Woodlands and Tuas checkpoints for bus passengers.

If all goes as planned, travelling between Singapore and Malaysia will become quicker, easier, and more tech-savvy. We can’t wait!

 

$15.8 billion locked up safe under banks’ ‘money lock’ feature 

Singaporeans take scam prevention seriously. Collectively, there’s been nearly $15.8 billion set aside under the “money lock” feature offered by banks across the island. This security option, introduced about a year ago, has seen a significant uptake, with over 181,000 customers using it as of October 31, according to the Monetary Authority of Singapore (MAS).

What is the “money lock” feature? Available at 7 major retail banks, including DBS, OCBC, and UOB, it allows users to lock their funds, making them inaccessible for transfers even if scammers gain access to the account. Withdrawals from locked funds require visiting designated ATMs, creating a critical pause for customers to reflect and potentially recognize a scam attempt.

Uptake has been particularly high among those aged 30 to 49, who account for 43% of users, followed closely by individuals above 50 (42%). Customers under 30 make up the remaining 15%. Overall the feature’s definitely been surging in popularity more recently. In just 3 months, the total locked funds rose by 76%, jumping from $9 billion in July to $15.8 billion in October.

If you’re keen to use the feature but your bank doesn’t have it yet, don’t worry. MAS says more banks are planning to roll out the feature next year, ensuring wider access to this protective tool.

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ALSO READ: How to Help Someone Who Repeatedly Falls for Scams: It’s Not Just a Money Issue, It’s a Psychological One

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Manulife launches cancer care and gut microbiome screening initiatives

Manulife has just launched 2 new collaborative initiatives to better cancer care and gut microbiome screening in Singapore. Here’s the low-down:

1. Revolutionizing Cancer Care with Guardant Health

In partnership with Guardant Health, Manulife Singapore is providing eligible customers with improved access to the Guardant360® liquid biopsy test. This innovative test offers:

• Comprehensive genomic profiling: Detects all solid cancers through a simple blood draw.
• Rapid results: Delivers personalized treatment guidance within seven days.
• Alternative to tissue biopsies: Ideal for patients lacking sufficient tumor tissue for standard biopsies.

These all contribute to timely and tailored cancer care, leading to better clinical outcomes for customers.

2. First-in-Asia Gut Microbiome Screening with AMILI

In an industry-first, Manulife Singapore is collaborating with AMILI to introduce advanced gut microbiome screening. Here’s how that can benefit you:

• Precise gut health insights: Based on Asia’s largest multi-ethnic microbiome database.
• Tailored nutrition recommendations: Enhances immunity, brain health, and overall well-being.
• Expert consultations: Complimentary sessions with AMILI’s specialists for actionable health improvements.

These initiatives underscore Manulife’s commitment to empowering customers with personalized health solutions, helping them live longer, healthier, and better lives.

 

 

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