2025 is a big milestone for Singapore as she celebrates 60 years of independence. It’s also the year of Singapore general election!
5 things to look out for in 2025:
1) Budget 2025 that will be delivered on 18 Feb 2025 by PM Lawrence Wong. The budget will outline Government’s spending plans with detailed support for Singaporeans at various life stages. The cost of living and job security are among the top concerns that will be addressed at Budget 2025.
2) Increased mandatory government-paid paternity leave from 2 weeks to 4 weeks from 01 April 2025 onwards. The increased parental leave will benefit new parents as it gives them more time to adapt to new baby, sharing the workload of shift nights in parenting.
3) Closure of CPF Special Account from 2nd half of January 2025 for those aged 55 and above. The monies will be transferred to RA to meet the minimum Retirement Sum, and excess will be transferred to CPF OA earning 2.5% p.a, down from 4% p.a.
4) Increased in monthly salary ceiling for CPF contributions to $7,400 to help Singaporeans to save up more for retirement. That also means less take home pay to pay for household expenses and monthly expenses.
5) URA Draft Master Plan 2025 detailing development plans for next 10-15years will be unveiled in June 2025. In the earlier public engagements, URA has showcased plans to build new residential neighborhoods in more central locations and increase job opportunities outside CBD area.
