Singapore civil servants to receive 0.6-month year-end bonus
All civil servants will get a 0.6-month year-end bonus, the Public Service Division (PSD) said on Nov 27.
Those in grades equivalent to MX13(I) and MX14 will receive an additional lump sum of $400, it added.
Civil servants in grades equivalent to MX15 and MX16 and those under the Operations Support Scheme will receive a higher lump sum of $800.
Singapore household debt drops to lowest in a decade as high interest rates deter borrowing: MAS
Singaporeans have reduced their debt levels as high interest rates discouraged them from taking new loans and healthy income growth helped them pay off their obligations, the central bank said in a report released on Nov 27.
Aggregate household debt fell for the eighth consecutive quarter to 1.2 times personal disposable income in the third quarter of 2023, the lowest level in over a decade, the Monetary Authority of Singapore (MAS) said in its Financial Stability Review for this year.
MAS said that households have exercised caution in taking on additional loans due to the increase in interest rates since the second half of 2022, resulting in a decline in the amount of money they owe from a year ago.
Money laundering now a greater risk, say Singapore financial institutions
Perceived risks from money laundering and terrorism financing (ML/TF) to Singapore’s financial system have risen, according to the Monetary Authority of Singapore’s (MAS) report on Monday (Nov 27).
A survey conducted by the MAS found that financial institutions (FIs) in Singapore perceived money laundering risks as the fourth biggest risk as at October this year. This is up from seventh place half a year ago.
This comes as Singapore busted one of the world’s largest money laundering cases worth S$2.8 billion in August. Authorities arrested at least 10 individuals believed to be connected to the case.