Issue #65: What’s Happening This Week? HSBC Revolution Card Buff, ComfortDelGro Fees, Teachers’ Pay Hike, and More

Surprise, surprise: COE prices are climbing again—while thousands of teachers are set to get a long-awaited pay bump later this year. Meanwhile, food service workers can look forward to steady wage increases, but aspiring drivers might feel the pinch with higher test fees. Ride-hailing? That’s getting a little pricier too. On the credit card front, HSBC is giving its popular Revolution card a glow-up (with a catch, of course). And in the markets, Singapore stocks are holding up—for now—despite oil shocks, global tensions, and a stronger ringgit stirring things up nearby.

Here’s the low-down on the top finance stories you shouldn’t miss this week.

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

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HSBC Revolution card refresh: More rewards, but with a catch

HSBC is giving its HSBC Revolution Credit Card a solid upgrade from 1 Apr—but this update also marks a shift from what many thought might be a short-lived perk.

If you’ve been following the card, you’ll know that bonus rewards for travel and contactless spending were only reintroduced in 2025 as a “temporary” promo, with the deadline pushed back multiple times.

Naturally, it felt like a perk living on borrowed time. Instead, HSBC has now made those bonuses permanent—and even enhanced them.

Here’s what’s new:

• Up to 10× points per $1 on contactless and online spend
• Up to 20× points per $1 with $50,000 in an HSBC account
• Covers dining, shopping, travel, taxis, and memberships

There are also added perks:

• Upgrade to Visa Signature
• Complimentary travel insurance for flights charged to the card

The catch? Bonus points are still capped monthly, so heavy spenders won’t earn endlessly.

Still, this feels like a clear signal: what started as a temporary boost is now a core feature—and a much stronger one at that.

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ComfortDelGro adds temporary booking fee as fuel costs rise

Getting a taxi might soon cost a little more—at least for app bookings. ComfortDelGro is introducing a temporary “driver fee” to help cabbies cope with rising fuel prices, which have surged amid ongoing global tensions.

Here’s what riders need to know:

• $0.50 fee for fares below $15
• $0.80 fee for fares $15 and above
• Applies only to bookings via the CDG Zig app
• Runs from 24 Mar to 31 May 2026
• Fees go directly to drivers

There’s also a small tweak to metered fares:

The move comes as petrol prices have climbed sharply in recent weeks. For instance, 95-octane fuel now costs about $3.39 to $3.47 per litre, up from around $2.87 previously.

While the increase may feel minor per trip, frequent riders could notice it adding up. On the flip side, it offers some relief to drivers facing higher operating costs.

Psst, looking for a way to earn rewards on your private hire rides? The Citi Cash Back Card offers up to 8% cashback on petrol and private commute spend.

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MOE teachers to get up to 9% pay rise from October

Good news for educators—about 36,000 MOE teachers and allied staff will see a pay bump of 2% to 9% from 1 Oct 2026, as part of efforts to keep salaries competitive and attract talent.

Here’s a quick breakdown:

• Covers 33,000 education officers
• Includes 1,700 allied educators (e.g. counsellors, SEN officers)
• Includes 1,100 MOE Kindergarten educators
• Last salary review was in 2022

The exact increase depends on how far each role’s current pay is from market rates. Larger gaps will see bigger adjustments.

While the move has been welcomed, some say pay alone isn’t enough. There are ongoing calls to also improve workload, career progression, and overall benefits.

Still, for many educators, this is a meaningful boost—especially amid rising living costs—and signals continued investment in Singapore’s education system.

ALSO READ: Government-Supported Childcare vs Private Childcare: Which Should You Choose? 

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Driving and theory test fees to rise for the first time since 2016

Planning to get your licence? Be prepared to pay a bit more. Driving, riding, and theory test fees have gone up from 13 Mar 2026—and will continue increasing gradually over the next few years due to rising operating costs.

Here’s a quick look at the changes:

Theory tests (basic, final, riding):

• From $6.50 → $7.20 (2026)
• Up to $8.00 (2027 onwards)

Practical tests (driving, riding, proficiency):

Fees will be adjusted step by step through to 2028, rather than all at once.

There’s also a new road assessment for certain licence holders converting to heavier vehicle licences, priced similarly to practical tests.

While the increases may not seem huge individually, they do add to the overall cost of getting a licence—something new drivers will want to factor into their budget.

ALSO READ: How to Get Your Driving Licence in Singapore—Fast

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COE prices climb again, with motorcycle premiums jumping the most

If you’ve been eyeing a car (or even a motorbike), prices just got steeper. COE premiums rose across all categories in the latest exercise—continuing the upward trend in vehicle ownership costs.

Here’s how prices moved:

Motorcycle COEs saw the biggest jump, while car categories continued their gradual climb. Increases were broad-based rather than limited to one segment.

For context, a COE (Certificate of Entitlement) is essentially the permit you need to own a vehicle in Singapore—and it often makes up a huge chunk of the total cost.

So what does this mean for you?

• Buying a car is getting pricier again, even before factoring in loan rates or insurance
• Dealers may pass on higher costs, pushing up showroom prices
• If you’re not in a rush, waiting could help—but COE trends can be unpredictable

In short: owning a vehicle in Singapore isn’t getting any cheaper, and timing the market remains tricky.

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Food services workers to get steady pay bumps under PWM

More than 53,000 food services workers can expect steady pay rises over the next three years, as Singapore updates its Progressive Wage Model (PWM) for the sector.

The changes aim to balance higher living costs with business realities, while continuing to uplift lower-wage workers.

What’s changing:

• +$140/month each year from 2026 to 2028 (most roles)
• +$145/month yearly for supervisor roles
• Applies to roles like stall assistants, cooks, waiters, and kitchen staff
• Kicks in every 1 Jul from 2026

Wages are trending upwards across different roles and sectors, reflecting a structured, step-by-step increase.

While these increments are slightly smaller than earlier PWM raises, they’re designed to be sustainable for businesses facing higher costs and manpower shortages. For workers, it still means more predictable income growth—and a clearer path to better pay over time.

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Singapore market overview: Week ending 18 March 2026

Singapore’s stock market had a positive week, with the Straits Times Index (STI)—which tracks 30 of the largest listed companies—rising 1.4% to close at about 4,936. Overall sentiment was cautiously optimistic, supported by gains in key heavyweight stocks.

What moved the market

• Banks led the gains: DBS, OCBC, and UOB all rose during the week, lifting the STI as banks make up a large portion of the index
• Singtel climbed about 2.6%, making it one of the top performers despite recent service disruptions
• Mixed stock moves elsewhere: Thai Beverage was among the laggards, while mid-cap stocks saw varied performance
• Healthy market activity: Around 1.5 billion shares worth about $2 billion were traded, with gainers outnumbering losers roughly 2 to 1

Global and ASEAN market impact

Global developments continued to shape investor sentiment.

• Oil prices stayed elevated above $100, driven by Middle East tensions, raising concerns about inflation and business costs
• Gold demand surged, including in Singapore, as investors looked for safer places to park money during uncertainty
• Regional currencies shifted: The Malaysian ringgit strengthened to its highest level against the Singapore dollar since 2021, helped by higher energy prices, as Malaysia is an oil exporter
• Regional markets were mostly higher, with gains in South Korea and Malaysia, while Japan was more mixed

As a small, open economy that depends heavily on trade, Singapore’s market tends to react quickly to global shifts—especially oil prices and interest rate expectations.

What this means for everyday investors

• Strong moves in a few large stocks (like banks) can drive the whole market
• Global events can have a bigger impact than local news
• Short-term gains don’t always reflect long-term trends—staying invested matters

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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.