Issue #40: What’s Happening This Week? Record CPF Top-Ups, Record COE Prices, New CIMB Founders Card, and More

This week, we’re breaking records. COE premiums for smaller cars have smashed through the $119,000 mark, setting a new all-time high, while CPF members have topped up an unprecedented $6.7 billion into their retirement accounts in just 7 months.

Beyond these headline-grabbing numbers, there’s a new credit card designed for entrepreneurs, a labour market update with mixed signals, and a golden-ticket musical coming with cardholder perks. Add in a deep dive into workers’ financial stress and a tougher clampdown on scam mules, and you’ve got 7 stories worth your time.

TLDR; COE premiums: Category A cars hit a record $119,003 in September’s tender, with all other categories climbing amid shrinking EV rebates and strong demand. CPF top-ups: Members made a record $6.7 billion in CPF top-ups in the first seven months of 2025, boosted by policy changes and enhanced matching schemes. CIMB Founders Card: CIMB Singapore launched a new credit card offering entrepreneurs instant cash, up to 114 days of interest-free financing, and zero FX fees. MOM unemployment report: Unemployment rose for under-30s and over-60s in Q2 2025 even as overall resident unemployment dipped slightly to 2.8%. Charlie and the Chocolate Factory musical: UOB cardholders get priority access and up to 20% discounts for the Singapore debut of the hit musical in May 2026. Deel report: Half of Singapore workers feel financially vulnerable, with rising demand for flexible pay options like earned wage access and alternative compensation. Scam mule clampdown: From Oct 2025, repeat scam facilitators will face restrictions on banking, mobile, Singpass and Corppass services, alongside tougher penalties including jail.

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

 

CPF members make record $6.7 billion top-ups in 2025

Singaporeans have pumped a record $6.7 billion into their CPF accounts in just the first 7 months of 2025—a sharp jump from $4.8 billion for all of 2024. According to the CPF Board, the surge was driven by policy changes that took effect in January..

Why the spike happened:

• Enhanced Retirement Sum (ERS) raised: Members can now top up to $426,000 (4× Basic Retirement Sum), up from 3× previously.
• Closure of Special Account (for those 55+): Savings were moved to the Retirement Account (up to Full Retirement Sum). Members could voluntarily transfer extra funds to earn up to 6% long-term interest.

Other highlights:

• $2.9 billion in top-ups were made in January alone, over 4× the same month in 2024.
• 316,000 members received voluntary top-ups from themselves or loved ones.
• More than 130,000 seniors benefited from the Matched Retirement Savings Scheme (MRSS), thanks to:
  • Higher annual matching grants ($2,000, up from $600)
  • Expanded eligibility to those above 70
  • 74% of participants maximised the full $2,000 top-up

CPF noted that these top-ups will translate into higher CPF LIFE payouts, boosting retirement security for members.

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ALSO READ: CPF Changes in 2025–2026: What’s New, Who It Affects & What You Should Do Now

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COE premiums hit new record as Category A crosses $119,000

Car buyers face steeper costs as COE premiums surged across all categories in the latest bidding exercise. Category A (smaller cars) closed at a record $119,003, smashing the previous high of $107,889 set just 2 weeks ago. Category B (larger cars) also rose to $136,890, while Open category premiums spiked nearly 10% to $140,502.

Other categories:

• Commercial vehicles: $72,501 (up from $71,556)
• Motorcycles: $9,209 (up from $9,101)

Authorities recently warned that COE prices could climb further following changes to EV rebates starting in 2026. With demand still outstripping supply—5,364 bids for just 3,135 COEs—premiums show no signs of easing anytime soon.

CIMB Singapore launches Founders Card to boost entrepreneurs’ cash flow

CIMB Singapore has rolled out the CIMB Founders Card, designed specifically for sole proprietors and SME owners, who often struggle with irregular cash flow and limited access to loans. The card aims to give business owners financial flexibility to manage daily operations and seize growth opportunities.

CIMB Founders Card—Key benefits:

• Instant cash withdrawals via CIMB Clicks app
• Up to 114 days of zero interest on working capital loans (1% processing fee applies)
• Up to 113 days interest-free on retail purchases
• Zero FX fees on overseas transactions
• Qualifying income from $30,000, making it more inclusive

Extra perks include:

• Complimentary access to 1,300+ airport lounges worldwide
• Travel insurance coverage up to $1 million
• Discounts on co-working spaces and productivity tools
• Mastercard Easy Savings Specials for business and lifestyle deals

To sweeten the launch, new applicants will receive a Nespresso Essenza Mini (worth $209), while stocks last.

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ALSO READ: Credit Cards for Gig Workers in Singapore (2025): Eligibility, Top Picks, and More

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MOM report: unemployment ticks up for under-30s and over-60s

Singapore’s labour market held steady in the second quarter of 2025, but 2 groups saw a slight rise in unemployment:  residents under 30 and those over 60. According to the Ministry of Manpower’s (MOM) report, unemployment for young residents inched up from 5.4% in March to 5.7% in June, the first increase this year. Seniors above 60 also saw rates climb from 2.3% to 2.5%.

Key findings from the labour market report:

• Resident unemployment rate (all ages): 2.8%, down from 2.9%
• Overall unemployment rate (including non-residents): 2.0%, unchanged
• Degree holders: 2.9%, slightly higher than 2.8% in March
• Long-term unemployment: 0.9%, stable, suggesting no widespread difficulty in job matching

Job support measures in place:

• Graduate Industry Traineeships: 800 positions from October
• 30,000 entry-level jobs available for fresh graduates
• Top vacancies: research managers, research officers, healthcare and ICT roles

Despite “some pockets of softening” in outward-oriented sectors, MOM noted the market remains resilient, with 10,400 jobs added in Q2. However, officials warned that global uncertainties, including US tariffs, may weigh on hiring ahead.

 

UOB cardholders enjoy priority discounts for Charlie and the Chocolate Factory musical

Golden tickets are about to get sweeter—especially for UOB credit card holders. The hit musical Charlie and the Chocolate Factory is making its Singapore debut at Marina Bay Sands in May 2026, and UOB is the official bank partner. That means UOB cardmembers enjoy the best access and discounts before anyone else.

Here’s a snapshot of ticket sales and savings:

Sale phase	Date & time	Discount	Details
Pre-sale (until 30 Nov 2025)	18 Sep 2025, 10 am	20%	UOB × Klook (all categories, all performances)
	19 Sep 2025, 10 am	20%	UOB × MBS/SISTIC/Klook (all categories, all performances)
	19 Sep 2025, 930 am	15%	Waitlist subscribers (all categories, all performances)
	20 Sep 2025, 10 am	15%	Singtel (not applicable to D Res)
Public on-sale / Early bird (until 30 Nov 2025)	20 Sep 2025, 12 pm	10%	Early Bird × MBS/SISTIC/Klook (all categories, all performances)
Always-on (from 1 Dec 2025)	1 Dec 2025, 10 am	15%	UOB × MBS/SISTIC/Klook (all categories, all performances)
	1 Dec 2025, 10 am	10%	Singtel (not applicable to D Res)

Other promos include 15% off for waitlist subscribers, Singtel user offers, and 10% early-bird discounts for the public until 30 Nov.

With these savings, booking early using your UOB card is the smartest way to secure prime seats for this blockbuster family musical.

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ALSO READ: Best Bank Offers in Singapore (Sep 2025): Win a XPENG G6 Electric Car, Get 50% Off Flights, and More 

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Deel report: half of Singapore workers financially vulnerable, want flexible pay options

A new report from payroll platform Deel reveals that 1 in 2 Singapore employees are financially stressed, with many struggling to keep up with inflation. Only 42% say they could sustain their lifestyle for less than 3 months without income, while 13% admit that even a 1-month gap would be disastrous.

Key findings from the report:

• 50% of workers are just “getting by” or struggling financially
• Only 13% feel their wages have kept up with inflation
• 55% cut back on discretionary spending; 41% take on side jobs
• Financing tools used: 47% credit cards, 33% BNPL, 20% earned wage access (EWA)

Shifting pay expectations:

• Nearly 74% would use EWA if offered by employers
• 69% open to alternative pay like stocks, loyalty points, or even crypto
• 57% prefer higher salaries with fewer benefits
• 71% support industry-wide salary transparency

Payroll teams, however, are under pressure, with 77% citing regulatory changes like CPF ceiling adjustments as adding heavy workloads. Deel warns that without modernised systems, both trust and talent could be at risk.

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ALSO READ: Why Every Singaporean Needs an Emergency Fund—And How You Can Build Yours

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Scam mules to face tougher restrictions and penalties from October

From Oct 2025, authorities will introduce a new framework to restrict scam mules’ access to critical facilities such as banking, telecom, Singpass and Corppass services. The move comes as scam losses in the first half of 2025 hit $456.4 million (US$357 million), across more than 19,600 reported cases. Officials stressed that local facilitators are key to syndicates’ operations, with 15% of mule offenders being repeat cases, tied to over 11,000 phone lines.

Key measures being rolled out:

• Banking services: Limits on ATMs, internet banking, PayNow, card-based transactions
• Telecoms: Prohibition on subscribing to new mobile lines
• Digital IDs: Restricted Singpass (for high-risk services like opening bank accounts) and Corppass use

In addition, sentencing guidelines now recommend harsher penalties, including jail, for mule-related offences. Authorities also flagged the growing use of cryptocurrency transactions and Singapore-registered phone lines as scam tools, adding that detection efforts with banks will be stepped up.

 

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. 

 

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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.

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