Issue #77: What’s Happening This Week? Electricity Tariffs to Rise 17%, Over 1 Million Households Get Rebates, and More

This week, records are being broken in more ways than one. Utility bills are heading for their highest levels ever, even as over a million households get some relief through rebates. Meanwhile, the property market is sending mixed signals, and household incomes are climbing faster than you'd expect.

There's also a well-loved savings account that’s just gotten a little less generous, school runs are getting pricier, and 2 currencies are hitting extremes worth paying attention to if you're travelling or sending money abroad. Add it all up, and you've got 8 stories worth your time 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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Electricity and gas tariffs set to rise sharply from July

Brace yourselves—utility bills are about to sting a bit more. From July to September, electricity tariffs will rise by 17%, while gas tariffs climb 7.1%, pushing both to their highest levels on record. The Energy Market Authority says the hikes stem from surging natural gas prices tied to the Middle East conflict, with costs staying elevated from April through June.

Here's the damage in numbers:

For a typical four-room HDB household, that works out to a $17.14 jump in the average monthly electricity bill, before GST—surpassing the previous peak set back in 2008.

The one silver lining: if the geopolitical situation eases, tariffs could dip again by the fourth quarter. In the meantime, more households are locking in fixed-price electricity plans to hedge against future spikes, with sign-ups at retailer Geneco reportedly quadrupling in recent weeks.

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ALSO READ: Compare the Best Electricity Price Plans: Open Electricity Market (2026)

Over 1 million HDB households to receive U-Save and S&CC rebates in July

Good news to soften that tariff blow: more than a million HDB households will get utility and conservancy rebates this July, courtesy of the Ministry of Finance. The U-Save payout is double the usual amount, meant to help lower- and middle-income households cope with rising costs.

Here's what different flat types can expect this round:

Over the full period from April 2026 to January 2027, eligible households will receive up to $570 in U-Save rebates and up to 3.5 months of S&CC rebates in total. Rebates are credited automatically—no application needed—to your SP Services and town council accounts. Households where an owner holds another property won't qualify.

If in doubt about scam calls asking for banking details, MOF reminds residents to call the ScamShield helpline at 1799.

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ALSO READ: Singapore Government Payouts 2026: What’s Left to Collect This Year

HSBC scraps 1% bonus interest on its Everyday Global Account

If you're banking with HSBC for the Everyday Global Account's extra interest, take note—from 1 July 2026, it just got less rewarding. HSBC has discontinued the Everyday+ Rewards Programme's 1% p.a. bonus interest entirely, and cut the account's base interest rate from 0.05% to just 0.01%.

Worse still, bonus interest no longer applies to your full balance. It's now calculated only on incremental fresh funds—money deposited above your June 2026 average daily balance, capped at $5,000,000.

Here's what you'll earn from July to September 2026:

If you already have savings parked in the account and aren't topping up, you'll earn a flat 0.01% on the whole lot. Time to shop around—check out our full roundup of the best savings accounts in Singapore this month to see which banks are still worth your money.

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School bus fares can rise by up to 20% in July and August

Parents, brace for slightly heftier school bus bills. The Ministry of Education has approved a temporary fuel surcharge of up to 20% on school bus fares for July and August, citing continued high fuel prices from the Middle East conflict.

A few things worth knowing:

• Operators are discussing fare adjustments directly with schools, who then inform parents.
• Not every operator will impose the full surcharge—some may choose a lower rate or none at all.
• Students on the MOE financial assistance scheme are protected, receiving extra subsidies so they don't pay more out of pocket.
• Families needing extra support can approach their schools directly for school-based assistance.

This surcharge follows earlier support the government gave operators from April to June, which was raised from 13% to 20% of fare revenue in May amid rising diesel costs. The bus operators' association says many operators are still absorbing losses despite fuel prices easing slightly recently, and that continued support remains important for the industry's sustainability.

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ALSO READ: Support for Working Mothers in Singapore in 2026: Financial Grants, Tax Reliefs, and More

HDB resale prices dip again as private home prices grow more slowly

Housing watchers, take note—HDB resale prices fell for a second straight quarter, dropping 0.3% between April and June, with 6,268 transactions recorded, down 10.2% year-on-year. Analysts point to buyers pivoting towards BTO flats with shorter waiting times as a key reason for softer resale demand.

Meanwhile, private home prices are still climbing, just more gently:

Despite falling resale prices, million-dollar flat transactions actually rose to 491, up from 411 the previous quarter, mostly in mature estates like Toa Payoh and Queenstown. Looking ahead, URA has confirmed 4,745 private homes for launch in the second half of 2026, bringing this year's total supply over 50% above the 10-year average. Both HDB and URA are urging buyers to stay prudent given ongoing economic uncertainty.

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ALSO READ: HDB BTO June 2026 Review: Prices, Application Rates, Amenities, and More

1 in 7 Singapore families now earn at least $30,000 a month

Household incomes in Singapore have climbed noticeably over the past five years. About 13.4% of resident households now earn at least $30,000 a month, nearly double the 7.4% recorded in 2020, according to the General Household Survey released on 30 June.

A few other highlights from the report:

• Median household market income hit $12,446 in 2025, up from $9,099 in 2020.
• Households earning at least $12,000 a month rose from 38.2% to 51.6% over the same period.
• Dual-income couples are now more common, making up 56.6% of married couples, up from 52.5% in 2020.
• Non-employment income, especially investments, grew from 9.6% to 13.5% of total household income.

Economists attribute the gains to strong wage growth, more dual-income households, and buoyant capital markets boosting investment income. But some observers flagged a catch—as investment income becomes a bigger slice of the pie, it may be time to revisit Singapore's tax framework, which currently leans heavily on employment and property income.

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Manulife study: Caring for family today is delaying Singaporeans' own financial independence

Sandwiched between supporting ageing parents and planning for your own retirement? You're far from alone. A new Manulife Asia Care Survey 2026 finds that family financial obligations and caregiving duties are making it harder for many Singapore adults, especially younger ones, to plan for their own long-term financial and health needs.

Some standout figures from the 1,074 respondents surveyed:

Younger adults are also delaying their own healthcare—73% of those aged 18 to 24 say caregiving duties have pushed back their medical appointments, well above the local average of 51%.

Despite these pressures, 92% of respondents said their top priority is staying self-sufficient in old age. Manulife Singapore's CEO, Benoit Meslet, said the findings reflect real trade-offs Singaporeans are making, and that more deliberate, holistic planning is needed to close the gap between intention and action.

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ALSO READ: The Sandwich Generation in Singapore—Finances of Caring for Aged Parents and Children

Ringgit expected to weaken further against the Singdollar in 2026

Planning a Johor Bahru trip or sending money to family in Malaysia? The exchange rate may soon work more in your favour. The ringgit has weakened slightly against the Singdollar so far this year, after strengthening by 4% in 2025, and analysts expect it to slide further.

As of 29 June, the pair traded at RM3.15 per S$1, close to its 6-month low of RM3.21. Analysts point to a few reasons for the weakness:

• Expectations of another US interest rate hike, drawing investment away from emerging markets.
• Lower oil prices, which hurt Malaysia as a net energy exporter.
• Cautious investor sentiment ahead of Johor and Negeri Sembilan's state elections.

Bank Negara Malaysia says it's stepping up support measures, including encouraging firms to convert overseas earnings into ringgit, but expects the currency's weakness to stem mainly from global factors rather than domestic ones. Analysts from OCBC and CMC Markets both expect the ringgit to weaken to around RM3.20–3.25 per S$1 by year-end.

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ALSO READ: Taking the Train from SG to JB? The Ultimate Guide to KTM Ticket Prices, Train Schedule, and More (2026)

Yen hits 40-year low against the US dollar, record low against the Singdollar

Eyeing a Japan trip? Your Singdollar might just stretch further. The yen slid to its weakest level against the US dollar since 1986, touching JPY162.40 on 30 June, while also hitting fresh all-time lows against the Singdollar at JPY125.49, before paring some losses.

A quick look at what's driving this:

• Wide interest rate gaps between Japan and the US continue to push investors to sell yen for higher-yielding US assets.
• Japan's ageing population and mounting public debt are clouding growth prospects, limiting room for more rate hikes.
• The Bank of Japan raised rates to 1% on 16 June, the highest since 1995, but this barely dented the slide.
• Japan spent a record JPY11.73 trillion (S$94 billion) between April and May defending the yen, with limited lasting effect.

While the weak yen is boosting exporters and stock markets, it's also driving up import costs, particularly for oil and gas, adding to inflation pressures for everyday consumers in Japan.

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.