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Independent Singapore
a day ago
- Business
- Independent Singapore
Disrupted: Singapore's Class of 2025 struggles with job maze
SINGAPORE: 2025 shows the job market has become a difficult maze for Singapore's recent graduates to navigate. Technological changes and economic uncertainty mean graduates are reshaping how they enter the workforce. Unemployment rates paint a troubling picture with links to the past, and a recent Business Times feature supports this. The latest Graduate Employment Survey shows that 13.5% of graduates are still jobless six months post-graduation. Full-time permanent jobs fell to just 75%. Artificial intelligence (AI) and automation mean there are fewer entry-level positions across different industries, whether in financial services, healthcare, logistics, and elsewhere. Skills demand has also outpaced traditional education. Recent data from LinkedIn highlight this issue. Now, 54% of businesses seek AI-related skills. However, 74% of them found it difficult to get candidates to meet new requirements. The skills gap has widened considerably. University degrees that once guaranteed a clear, traditional career path can no longer do so, unless one counts medicine. Tertiary graduates now have to deal with a labyrinth of contract jobs, internships, constant skill development, and a complex web of professional connections. Economic indicators further emphasise these challenges. Job postings fell by 2.7% in April 2025, but competition increased with a 3.2% rise in applications for each posting. Learning is crucial for survival. The establishment is making educational systems more flexible to keep pace with technological advancements, but this requires the workforce to commit to ongoing education, develop agile skill sets, and be comfortable with new tools and tech. Singapore's public sector has tried different ways to respond. SkillsFuture programmes and retooled industry and academic partnerships are among them. These all recognise that education in 2025 focuses not just on gaining knowledge but on ensuring opportunities for the workforce to learn and adapt continuously. Prolonged employment struggles can harm consumer spending, social mobility, and economic stability. Every unemployed graduate presents not only an individual issue but also a potential risk to the system. Singapore is a microcosm of the world. It is facing a critical moment with the reshaping of the 2025 job market. For graduates, achieving success now requires more than just good grades. It demands a mix of resilience, adaptability, the readiness to adopt and retool technology, and reshape one's professional identity in a complicated global environment.
New Straits Times
3 days ago
- Business
- New Straits Times
Banks must adjust loan rates within 7 days of OPR cut, says ABM
KUALA LUMPUR: The Association of Banks in Malaysia (ABM) has clarified that all banks are required to revise interest rates for variable-rate housing loans within seven working days following any change to the Overnight Policy Rate (OPR). In an email to Business Times, ABM said the 0.25 per cent OPR cut announced on July 9, 2025, must be reflected in loan interest rates by July 18, 2025. The clarification comes amid public concern over delays in housing loan instalment adjustments, triggered by a viral blog post in which customers shared their frustration after being told that their lower monthly repayments would only start on September 5 – almost two months after the OPR reduction. One customer, who contacted their bank to request an updated instalment amount and outstanding loan balance in preparation for early settlement, was surprised that the revised monthly payment had not yet taken effect, despite the new interest rate already being reflected in the system. ABM explained that while interest rate adjustments are made within the stipulated timeframe, changes to instalment amounts may vary across banks due to differences in internal systems, operational processes, and billing cycles. "Such variation is not unusual and reflects operational differences between institutions. Nevertheless, the revised instalments must be implemented no later than 90 days from the OPR change. "Rest assured that the loans with variable interest rates will already be subject to the revised interest rates within seven working days from the OPR change," ABM said. ABM said that banks are also required to notify customers at least seven days before the new instalment takes effect. Borrowers are encouraged to contact their banks for precise information tailored to their individual loan accounts. For borrowers planning to redeem their loans during this period, ABM advises requesting an updated redemption statement, which will reflect the new rate and the revised outstanding balance. "Banks remain committed to passing on rate changes to customers fairly and accurately. "We encourage borrowers to reach out directly to their banks for clarification and to ensure they receive timely, accurate information tailored to their loan account," it added.
Singapore Law Watch
15-07-2025
- Business
- Singapore Law Watch
Singapore proposes to bar convicted money launderers from directorships
Singapore proposes to bar convicted money launderers from directorships Source: Business Times Article Date: 15 Jul 2025 Author: Mia Pei Public feedback sought on a range of corporate and accounting law reforms, including those aimed at reducing regulatory burden. The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (Acra) plan to bar those who have been convicted of money laundering offences from serving as a company director as part of wide-ranging reforms to strengthen Singapore's corporate framework. These and other proposals come in the wake of a S$3 billion money laundering scandal that rocked the city-state in 2023. The proposed amendments – targeting the misuse of firms, and aiming to ease compliance burdens and strengthen shareholder protection – are now open for public consultation until Jul 31. In a joint release on Monday (Jul 14), MOF and Acra proposed to make changes to the: Accountants Act 2004; Accounting and Corporate Regulatory Authority Act 2004; Companies Act 1967; Limited Liability Partnerships Act 2005; and, Limited Partnerships Act 2008. Currently, the Companies Act 1967 has no provisions to disqualify persons convicted of money laundering offences from acting as a director. A proposed amendment introduces a new ground to disqualify such persons from taking on the role, thus strengthening Singapore's anti-money laundering regime, according to the public consultation documents on the Reach portal. Additionally, the proposed amendments to the Companies Act 1967 include a shortened timeline for deregistering a company from the Register of Companies. This could reduce the likelihood of misusing inactive companies for illicit purposes, such as money laundering. For voluntary striking off by companies, it will require 60 days for the public to object, instead of 90 days. For Registrar-initiated striking off, it will require 75 days –15 days for the company to object, and 60 days for the public to object – instead of 90 days. 'The proposed amendment will improve the efficiency of the striking-off process as a whole without changing the length of (the) statutory period (60 days) for the public to lodge objections,' stated the document listing out the key amendments to the Companies Act 1967 and Accountants Act 2004. Consequential and related amendments may be made to other written laws to give effect to or align with these amendments. The existing definition and obligations related to anti-money laundering and countering the financing of terrorism that are applicable to public accountants and accounting entities in the Accountants Act 2004 and subsidiary legislation refer to only money laundering and the financing of terrorism. A proposed amendment of the definition and obligations is to explicitly include countering the financing of the proliferation of weapons of mass destruction, or proliferation financing, in line with the Financial Action Task Force's requirements for countries to explicitly assess and address risks related to it. On reducing the regulatory burden for companies, the governing bodies proposed to remove the requirements for public limited companies with a share capital to convene a statutory meeting and prepare a statutory report. This is to provide more flexibility without compromising members' rights. More details and the amendment Bill can be found on the Reach public consultation portal. Interested parties can submit their comments via FormSG, noted both MOF and Acra. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
New Straits Times
13-07-2025
- Business
- New Straits Times
Malaysia could secure better US tariff terms before Aug 1, say economists
KUALA LUMPUR: Malaysia could still secure better tariff terms with the United States before the August 1 deadline, as US officials signal openness to negotiations despite ongoing concerns over trade imbalances, economists said. This follows comments by US Secretary of State Marco Rubio, who during his visit to the 58th Asean Foreign Ministers' Meeting (AMM) here made clear Washington's willingness to continue talks with Asean members including Malaysia to reach mutually beneficial trade deals. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Rubio appears to be trying to ease concerns about the US administration's tariff policies. From the US standpoint, he said, trade imbalances have taken a serious toll on their economy, which is why tariffs are the policy instrument they use to address these issues. "While tariffs remain the US government's tool of choice, Washington is open to discussions and negotiations. I suppose there is hope that a win-win solution can be achieved," he told Business Times. Nevertheless, he said Malaysia needs to address the specific concerns raised by the US. According to Afzanizam, the underlying objective behind the tariff push is likely aimed at gaining greater market access to Malaysia's economy. He noted that the US had flagged several non-tariff barriers in its US Trade Representative Report on Foreign Trade Practices released in March this year. Among the issues highlighted were Malaysia's halal certification processes, approved permits in the automotive sector and regulations governing foreign bank branches. "Perhaps by addressing these issues, Malaysia could secure some form of concession in the form of lower tariffs. So, something needs to go in order to gain something," he said. On the possible appearance of US President Donald Trump at the Asean Summit in October, Afzanizam said Malaysia and other Asean countries should be prepared for all eventualities, as Trump has a habit of making surprise announcements. Echoing the views, economist Dr Geoffrey Williams said Rubio has been very open and friendly during his visit to the AMM. He noted that Rubio made it clear the US is open to continuing negotiations with all Asean members to secure win-win trade deals. Williams added that Rubio also emphasised Asean's importance to the US not just in trade, but also strategically and in terms of long-term security cooperation. "This shows that the US is committed for the long run," he said. According to Williams, it is possible for Malaysia to secure better tariff terms before August 1, but that would require a change in approach. He believes Malaysia's current position - as stated by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz - appears "very stubborn" and may make reaching a deal by August 1 more difficult. Williams also said a presidential appearance would help cement relations between the US and Asean while also serving as a highlight of Malaysia's Asean chairmanship this year. However, he noted that tariff issues could overshadow the summit unless a solid deal is reached beforehand. During the AMM this week, Rubio said the tariffs imposed by the US are part of a broader push to rebalance its economy globally. He explained that the move aligns with Trump's long-held view that global trade rules have put American workers and industries at a disadvantage. Rubio added that Southeast Asian countries would receive official letters regarding the tariffs "at some point," but noted that discussions could lead to "better" tariff rates. He stressed that the door for negotiations remains open, though markets require clarity, making it necessary to set a clear baseline starting August 1. Earlier this week, Trump announced that a 25 per cent import duty on Malaysian goods would take effect from August 1, citing the need to "protect domestic industries" from what he described as unfair trade practices. On April 2, Trump announced the retaliatory tariffs, where Malaysia was among the affected countries hit with 24 per cent, although enforcement was deferred by 90 days to allow time for negotiations.
Singapore Law Watch
11-07-2025
- Business
- Singapore Law Watch
Singapore mulls introducing carbon offsetting legislation for airlines
Singapore mulls introducing carbon offsetting legislation for airlines Source: Business Times Article Date: 11 Jul 2025 Author: Janice Lim No time frame has been set yet for the draft law, but it will take a leaf from an existing legislation that mandates carbon emissions reporting. Singapore is looking to draft a carbon offsetting legislation for the aviation sector, and is studying whether to introduce penalties for airlines if they fail to comply with its requirements. While still in the works, the new legislation is likely to take reference from an existing one that mandates airlines to report their carbon emissions, said Ng Shao Hua, senior manager of global partnerships at Singapore's National Climate Change Secretariat on Wednesday (Jul 9). That carbon reporting legislation, which came into effect in 2023, has provisions to fine airline operators for failing to make these disclosures. Ng, who was speaking at the Asia Climate Summit organised by the International Emissions Trading Association, said: 'If you were to look at how we have framed our legislation on monitoring, reporting and verification (MRV) – where there are penalties, I think we are most likely to take reference from that.' He added that no timeline has been set for the Bill to be introduced and debated in Parliament. Ng was responding to a question during a panel discussion, on whether the Singapore authorities are looking to penalise airlines for not complying with carbon offsetting requirements in the future legislation. The carbon reporting legislation was developed in line with an international programme to cut emissions from the aviation sector, known as the Carbon Offsetting and Reduction Scheme for International Aviation (Corsia), which has required participating airlines to report their annual emissions since 2019. Besides disclosing their emissions, airlines which have signed up to Corsia are also obligated to purchase carbon offsets if their emissions go above 85 per cent of their 2019 levels. The International Civil Aviation Organization had developed the scheme in 2016 to stabilise the sector's net emissions. Under the scheme's initial phases, airlines have until 2026 to purchase carbon offsets voluntarily. From 2027, however, it would become mandatory to do so. Singapore is looking to start work on this carbon offsetting legislation, given that airlines would soon have to start buying carbon offsets to meet Corsia requirements. This is because – even though carbon offsetting obligations began in 2021 – many airlines have not crossed the 85 per cent threshold in the last few years with the imposition of international travel curbs during the Covid-19 pandemic. They are, however, expected to cross this limit with their 2024 emission levels, said Ng. Countries such as the United Kingdom and Canada, have already introduced penalty frameworks for airlines in their legislations. Ng had said that Singapore had decided to take a step-wise approach on legislations, starting first with MRV, and then moving on to carbon offsets. MRV requirements are low-cost and not difficult for airlines to meet, even voluntarily. However, Ng noted that getting airlines to buy carbon offsets might not be as easily accomplished without legislation in place. 'We do need that demand certainty and that will come from legislation. Because if countries are ready to put their foot forward to say: 'I will legislate this. I will be prepared to fine the airlines if they're not ready to comply, even though it's a voluntary scheme until 2026' – if there's a clear direction from governments, then I think that will be the game changer,' said Ng. 'So I think what is needed is how can we push more countries to come on board,' he added. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
