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SINGAPORE: Both SBS Transit and SMRT have applied to the Public Transport Council to raise bus and train fares.
The exact fare increment will be determined later, using a standard formula, in this annual fare revision exercise.
Energy costs have been a big drain on the two big public transport operators.
Both companies have quoted rises of between 20 and 26 percent in this area alone.
SBS Transit said manpower costs – its single largest cost component – have also increased by about S$12 million during the year, while SMRT said it would lose about S$11 million due to increases in GST and employer's CPF contributions.
In making their applications to the Public Transport Council, both companies said they would not touch concession fares.
SMRT added that it would be asking for small increases in EZ-Link fares for buses, adult train EZ-link fares and longer single-trip train journeys.
This year's increment formula, which is linked to the performance of Singapore's economy, is capped at 1.8 percent, slightly higher than last year's 1.7 percent.
The formula was devised to ensure that there are small and regular increases, instead of big jumps every few years.
Both transport operators said they are mindful of how fare increases affect the lower income, so they would be considering funding schemes to offset the impact on any hike.
Separately, the government has announced that S$10 million has been set aside over three years to help the needy cope with fare increases.
The fare changes, if accepted by the Public Transport Council, will be announced next month and will kick in by October.
- CNA/so
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