Issue #51: What’s Happening This Week? Fine Discounts for Motorists, COE Prices Drop, Hiring Freezes Ahead, and More

This week, Singapore’s everyday money news is packed with action. Motorists have a new reason to pay attention to their fines, while bosses are making moves that could shape your job search in 2026. Car buyers might spot some relief in the COE market, and iPhone users can look forward to a new way to get paid. Plus, there’s a major update from a homegrown digital bank and fresh numbers stirring up talk about just how high HDB resale prices can go. Here’s what you need to know right now.

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

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New early payment scheme: Motorists can get $30 off traffic fines

From 1 Jan 2026, Singapore motorists who pay their traffic composition fines within 14 days will enjoy a $30 reduction, thanks to the new Early Payment Scheme (EPS) announced by the Traffic Police. This move aims to encourage prompt payments and reduce unnecessary appeals.

Key details:

• Applies to offences involving locally registered vehicles with fines of $50 or more.
• Eligible motorists will be notified through their Notice of Traffic Offence (NTO).
• Covers only offences under the Traffic Police—not parking or vehicle modification offences (under LTA), nor offences by cyclists or pedestrians.
• The 14-day deadline is strict; after that, the full fine applies.

At a glance:

The Traffic Police hopes this will cut down the average 1,000+ appeals processed each month, most of which are rejected unless there are exceptional circumstances—think medical emergencies, with proof.

ALSO READ: HDB Season Parking in Singapore: How Much Does It Cost and How Do You Renew It?

SNEF survey: Nearly 3 in 5 Singapore employers plan to freeze headcount in 2026

Worried about job moves or pay bumps next year? According to a survey by the Singapore National Employers Federation (SNEF), 58% of employers in Singapore plan to freeze headcount in 2026, up from 50% in 2024. The cautious hiring mood comes as 72% of bosses say they’re facing uncertain prospects for 2025.

Key findings:

• 58% of employers to freeze hiring in 2026
• 8% plan to cut headcount (mainly larger firms)
• 79% cite rising manpower costs as their top challenge
• Only 30% will offer more flexible work options (down from 49% in 2024)
• 48% of firms to moderate or freeze salaries for FY2025/2026

Who’s still getting a pay rise?

• 96% of employers plan wage increases for lower-wage workers (gross monthly wage up to $2,700)
• About 40% will give higher increments to these employees

While things look a bit tighter, many employers say they’ll keep investing in their people, especially those earning lower wages. Still, wage growth and new job opportunities may be harder to come by in 2026.

ALSO READ: Everyone’s Getting a Side Hustle… Does That Mean You Should Too?

COE update: Prices for larger cars drop nearly $6,000 in latest round

Good news for car buyers—Certificate of Entitlement (COE) premiums closed mostly lower on 3 Dec 2025, with the biggest drop seen for larger cars. Here’s what happened in the latest bidding exercise:

COE premiums at a glance (as of 3 Dec 2025):

• Biggest drop: Category B (larger cars), down nearly $6,000.
• Only rise: Commercial vehicles, up slightly by $112.
• Overall trend: Prices remain high but are “marginally lower” due to lower seasonal demand, according to LTA.

Key takeaways:

• 4,194 bids were received for 3,193 available COEs.
• LTA advises buyers and dealers to be prudent when bidding.

While COE prices are still elevated, those eyeing a new ride may find this a welcome breather—especially if you’re looking at bigger cars.

ALSO READ: Guide to COE in Singapore (2025): What It Means, Bidding Process & Price Trends

Apple Tap to Pay launches in Singapore: Turn your iPhone into a payment terminal

From 2 Dec 2025, Apple’s Tap to Pay is available in Singapore, letting any business—big or small—accept contactless payments using just an iPhone and a supported app. That means no extra card readers are needed, making payment collection easier for pop-up stalls, delivery services, or anyone on the go.

What you can do with Tap to Pay:

• Accept payments with:
  • Contactless credit/debit cards (Amex, Mastercard, Visa, JCB, UnionPay)
  • Apple Pay and other digital wallets
• Works on iPhone XS or later (with the latest iOS)
• First supported by Adyen, Fiuu, HitPay, Revolut, Stripe, Zoho; Grab will join in early 2026

Why it matters:

Payment data stays secure, protected by the same tech behind Apple Pay. Merchants just need a partner-enabled iOS app—no more waiting for card terminals to arrive.

GXS Bank lays off 82 employees after strategic review

GXS Bank, the digital bank backed by Grab and Singtel, has announced it will let go of 82 employees—about 10% of its workforce—following a strategic business review. The move, revealed on 3 Dec 2025, comes as GXS transitions from “building the bank to running the bank” and reshapes its structure for long-term operations.

Key details:

• Number affected: 82 staff, or roughly 1 in 10 employees
• Reason: Shift in focus from building to running the bank; some roles are no longer essential
• Support offered:
  • Severance and goodwill payments
  • Extended medical coverage (3 months)
  • Career transition and counselling services
  • Garden leave to give staff time to job hunt

Timeline & context:

GXS says it has been gradually restructuring, but change was slower than planned. Regionalisation of core roles like data and tech was part of the strategy to scale up across markets. Affected staff will get support as they move on.

Will $900,000 deals for 3-room HDB flats remain the exception?

Four 3-room HDB flats (excluding terraced units) have changed hands for at least $900,000 in the first 11 months of 2025—sparking buzz about eye-watering profits. But before you dream of your own windfall, experts say these are still rare cases, not the new normal.

What’s driving the $900k deals?

• Long leases (94–95 years left)
• High floors with great views
• Prime, central locations—near MRT, schools, and amenities

Context in numbers:

• Average 3-room resale price (2025): ~$470,000
• Highest price: $935,000 (SkyParc@Dawson, 34–36th floor)
• Similar new private homes in Queenstown: ~$1.93 million

Trends & outlook:

• $900,000+ deals remain rare, but numbers have doubled for $800,000–$900,000 sales compared to 2024.
• More such deals could appear in Queenstown, Toa Payoh, and Kallang/Whampoa as flats hit their Minimum Occupation Period.
• However, hitting $1 million for a 3-room flat is unlikely soon—such prices require hefty cash outlays.

Market cooling:

• HDB resale price growth slowed to just 0.4% in Q3 2025.
• More buyers opting for new flats: Over 30,000 new units launched this year.
• Overall, these record-setting deals are exceptions—most sellers should temper expectations for now.

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.