Issue #46: What’s Happening This Week? DBS yuu Card Changes, Security Officers’ Wage Increases, and More

This week’s money news packs a punch, from credit card shake-ups to wage bumps and job market moves. 

A popular rewards card is cutting ties with some household names, while thousands of security officers are set for steady pay raises. Over in the F&B scene, a familiar bakery brand has shuttered overnight, sparking union outrage. Singapore’s labour market continues to surprise on the upside, and a major job platform is taking trust up a notch with verified education credentials.

Here’s what’s happening this week—and why it matters to your wallet.

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

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DBS yuu Card updates: Merchant shake-up from 1 Nov 2025

If you’re a DBS yuu Card user, brace yourself for some changes starting 1 Nov 2025. Several well-loved yuu partner merchants are bowing out, which means fewer chances to earn those sweet 36x yuu Points (or 18% cashback).

Here’s what’s changing:

Still eligible for full rewards (up to 36x yuu Points / 18% cashback):

• Cold Storage, CS Fresh, Jasons Deli
• Giant and Guardian
• 7-Eleven
• foodpanda and panda mart
• Gojek
• SimplyGo (added in Oct 2025)
• CHAGEE (added in Oct 2025)
• Charge+
• Singtel

Quick recap of key spend rules:

• To unlock the full 36x earn rate (18% cashback or 10 miles per $1):
  • Spend at least $800/month, and
  • Make purchases at 4 participating merchants.
• Bonus rewards are capped at 28,800 yuu Points/month, equivalent to $800 of spend (worth up to $144 cashback or 8,000 miles).

Bottom line? If your breakfast routine involves Toast Box or BreadTalk, your yuu Points haul’s about to shrink. But if you’re loyal to Cold Storage, foodpanda, or Gojek, your card still delivers heavyweight rewards.

ALSO READ: DBS yuu Card—MoneySmart Review (2025)

More than 7,600 in-house security officers to see steady pay rises from 2026

From 1 Jan 2026, over 7,600 in-house security officers in Singapore will receive annual pay increases of $160 for 3 consecutive years under the Progressive Wage Model (PWM). The wage schedule, recommended by the Security Tripartite Cluster (STC) and accepted by the Ministry of Manpower (MOM) and Ministry of Home Affairs (MHA), aims to ensure sustained income growth and fair compensation across the security industry.

PWM wage schedule (full-time officers):

(↑ indicates subsequent annual increases)

Employers will receive co-funding support through the Progressive Wage Credit Scheme, which will subsidise up to 20% of wage increases for employees earning up to $3,000 in 2026.

The ministries said this approach balances cost pressures with efforts to enhance productivity and sustain wage growth. The STC may review the 2028 wage targets in 2027, depending on economic conditions.

ALSO READ: Civil Service Bonus 2025: Here’s What Singapore’s Civil Servants Are Getting This Year

Twelve Cupcakes closure leaves 80 workers jobless amid union backlash

Twelve Cupcakes has shut down all its outlets in Singapore after being placed under provisional liquidation, affecting around 80 employees from store staff to managers. The Food, Drinks and Allied Workers Union (FDAWU) criticised the sudden closure as “unacceptable and unfair”, saying the company gave no advance notice or consultation before the announcement.

Key details at a glance:

• Closure date: Announced on Wednesday (30 Oct)
• Affected staff: About 80 workers
• Union response: FDAWU called the move irresponsible and lacking due process
• Next steps: The union is working with the appointed liquidator on worker claims

Twelve Cupcakes, founded in 2011 by Daniel Ong and Jaime Teo, was sold in 2016 to India’s Dhunseri Group. The bakery had operated at several popular malls including Changi City Point, Sentosa, and The Star Vista.

The union said many workers are now scrambling to find new jobs and recover owed payments, calling for stronger protections in sudden business closures.

MOM report: Employment growth strengthens in Q3 as job market stays resilient

Singapore’s labour market stayed firm in the third quarter of 2025, with total employment rising by 24,800 — more than double the previous quarter’s gain of 10,400. According to the Ministry of Manpower (MOM), unemployment and retrenchments remained low despite global headwinds.

Q3 2025 at a glance:

• Total employment: +24,800 (Q2: +10,400)
• Unemployment: 2.0% overall; 2.8% (residents); 3.0% (citizens)
• Retrenchments: 3,500 (1.4 per 1,000 employees)
• GDP growth: 2.9% (down from 4.5% in Q2)

Growth was driven by financial services and health and social services, while outward-oriented sectors like wholesale trade and information and communications saw declines.

Looking ahead, MOM expects positive but uneven employment growth. Hiring sentiment has improved slightly, with 44.1% of firms planning to expand their workforce. However, wage growth may moderate, and some sectors could see higher retrenchments.

MOM encouraged workers to upskill through SkillsFuture and Workforce Singapore (WSG) programmes to stay adaptable amid economic uncertainties.

Jobstreet by SEEK launches verified education credentials to boost hiring trust

Jobstreet by SEEK has rolled out a new verified education credentials feature within its SEEK Pass platform, allowing jobseekers in Singapore to pre-verify their academic qualifications—a move aimed at increasing hiring confidence and speeding up recruitment.

According to Jobstreet, verified applicants are 40% more likely to be shortlisted, while 75% of employers say pre-verified qualifications help streamline hiring. This update builds on SEEK Pass’ earlier partnerships with MOM and SkillsFuture Singapore, which already allow users to verify their career history and digital identity.

Key highlights:

• What’s new: Jobseekers can now pre-verify education credentials directly in SEEK Pass.
• Why it matters: Employers say verified credentials save time and reduce uncertainty.
• Top sectors requiring degrees: Education (73%), Accounting (73%), Community Services (72%), Science & Tech (71%), Engineering (69%).
• Platform impact: Verified SEEK Pass profiles now consolidate identity, experience, and education, supporting Singapore’s push for a skills-first hiring ecosystem.

This marks another step in Jobstreet’s mission to make hiring faster, smarter, and more transparent across Singapore’s evolving job market.

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.