Gerald Giam on cost of living crisis
It is timely to revisit the Workers’ Party’s proposal to establish a National Transport Corporation (NTC), said MP Gerald Giam. Speaking in Parliament on Tuesday (Nov 7), he said it would be a publicly owned and non-profit multi-modal land transport entity which will oversee the planning and operation of all MRT, LRT and trunk bus services. Mr Giam listed the “many benefits” it will offer, compared with the current public transport model. The substantial profits could be re-directed to benefit commuters and help to mitigate fare increases. With full access to the entity's financial records, the Government could set fares just high enough to ensure fiscal sustainability without overly burdening commuters. Fare adjustments could be introduced progressively, avoiding abrupt changes during times of economic hardship. Moreover, the NTC can manage bus interchanges, MRT and LRT stations and their associated linkways, leveraging the rents from prime retail and commercial areas to support operations and help moderate fare increases. A unified transport entity like the NTC would ensure more uniform service standards and enhance service integration. The NTC would yield economies of scale in improving procurement, staff allocation and technological infrastructure, leading to further savings that benefit commuters. The NTC would assume operational responsibilities currently held by the Land Transport Authority and allow it to focus solely on its regulatory role, eliminating potential conflicts of interest from being both a regulator and an operator. Lastly, the NTC will be given the freedom to experiment and spearhead land transport solutions and position Singapore at the vanguard of global transport innovations. Mr Giam pitched the NTC as a “rethink” of Singapore's public transport model that places the needs and well-being of commuters at the heart of transport policy. He said it will not only address the immediate cost concerns of Singaporeans, but also steer Singapore's public transport into the future.
It is timely to revisit the Workers’ Party’s proposal to establish a National Transport Corporation (NTC), said MP Gerald Giam. Speaking in Parliament on Tuesday (Nov 7), he said it would be a publicly owned and non-profit multi-modal land transport entity which will oversee the planning and operation of all MRT, LRT and trunk bus services. Mr Giam listed the “many benefits” it will offer, compared with the current public transport model. The substantial profits could be re-directed to benefit commuters and help to mitigate fare increases. With full access to the entity's financial records, the Government could set fares just high enough to ensure fiscal sustainability without overly burdening commuters. Fare adjustments could be introduced progressively, avoiding abrupt changes during times of economic hardship. Moreover, the NTC can manage bus interchanges, MRT and LRT stations and their associated linkways, leveraging the rents from prime retail and commercial areas to support operations and help moderate fare increases. A unified transport entity like the NTC would ensure more uniform service standards and enhance service integration. The NTC would yield economies of scale in improving procurement, staff allocation and technological infrastructure, leading to further savings that benefit commuters. The NTC would assume operational responsibilities currently held by the Land Transport Authority and allow it to focus solely on its regulatory role, eliminating potential conflicts of interest from being both a regulator and an operator. Lastly, the NTC will be given the freedom to experiment and spearhead land transport solutions and position Singapore at the vanguard of global transport innovations. Mr Giam pitched the NTC as a “rethink” of Singapore's public transport model that places the needs and well-being of commuters at the heart of transport policy. He said it will not only address the immediate cost concerns of Singaporeans, but also steer Singapore's public transport into the future.
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