Higher transport fares unlikely to be seen for this year
03 Aug 2013|2,827 views
The Straits Times reported that an increase in bus and train fares is unlikely this year as the Fare Review Mechanism Committee (FRMC) has yet to finish its report and any fare revision will have to hinge on the new formula the committee is working on.
According to industry sources, public transport operators usually apply for a fare revision in June, and the Public Transport Council (PTC), after deliberation, will announce its decision in early August. Adjustments, if any, are effective from 1st October.
Neither SMRT nor SBS Transit has applied for a revision this year. SMRT, in its first-quarter results announcement, said that the next 12 months remain challenging in the absence of fare adjustments and continuing absorption of fare concessions.
The last fare hike was in October 2011. Fares were frozen last year when Transport Minister Lui Tuck Yew set up the FRMC.
In response to a query from The Straits Times, the PTC said that until the FRMC completes its review and proposes improvements to the current fare review framework and fare adjustment formula, there will not be any fare adjustment exercise.
It is understood that the Government will finance concessions in a new fare framework, which may include discounts for polytechnic students and the disabled. A fare cap for commuters who have to make several trips a day is also likely to happen.
The Straits Times reported that an increase in bus and train fares is unlikely this year as the Fare Review Mechanism Committee (FRMC) has yet to finish its report and any fare revision will have to hinge on the new formula the committee is working on.
According to industry sources, public transport operators usually apply for a fare revision in June, and the Public Transport Council (PTC), after deliberation, will announce its decision in early August. Adjustments, if any, are effective from 1st October.
Neither SMRT nor SBS Transit has applied for a revision this year. SMRT, in its first-quarter results announcement, said that the next 12 months remain challenging in the absence of fare adjustments and continuing absorption of fare concessions.
The last fare hike was in October 2011. Fares were frozen last year when Transport Minister Lui Tuck Yew set up the FRMC.
In response to a query from The Straits Times, the PTC said that until the FRMC completes its review and proposes improvements to the current fare review framework and fare adjustment formula, there will not be any fare adjustment exercise.
It is understood that the Government will finance concessions in a new fare framework, which may include discounts for polytechnic students and the disabled. A fare cap for commuters who have to make several trips a day is also likely to happen.
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