REACH 403 - What are your views on the public transport fare rise? Do you think Singapore's public transport system is sufficient to meet commuters' evolving needs and the system's future challenges?
(SK)
14 Oct 2022 (10am - 7pm)
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Megan ๐
[10:14 am, 14/10/2022] +REACH: Dear Contributors,
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[10:16 am, 14/10/2022] +REACH: ๐ข Topic ๐ข
On Wednesday, the Public Transport Council (PTC) announced that public transport fares will rise by 2.9% from Dec 26. The PTC said a major contributor to this was the increase in energy costs, which rose by 117% in 2021 due to the global energy crunch.
๐ฌ What are your views on the public transport fare rise? Do you think Singapore's public transport system is sufficient to meet commuters' evolving needs and the system's future challenges?
PTC Chairman Ms Janet Ang said that the PTC focused on ensuring there would be minimal increase in fares for the needy and vulnerable. The increase in concession card fares will also be capped at 1 cent per journey for students, senior citizens, lower-wage workers, and people with disabilities.
To help lower and lower-middle income households, the Government will give out 600,000 public transport vouchers worth S$30 each, which can be used to top up fare cards or buy monthly concession passes.
Last week, the Land Transport Authority (LRA) also announced that 11 MRT stations along the Thomson-East Coast Line (TEL) will officially open for passenger service on Nov 13.
“This is a very important addition to our MRT system. (The 11 stations) have very important points of intersection with the existing MRT lines. And therefore, it adds much resilience and of course, convenience through interconnectivity for commuters in Singapore,” said Transport Minister S Iswaran on Friday.
๐๐ผ [ST] Train, bus fares to rise by 4 to 5 cents for adults from Dec 26: https://str.sg/wHrp
๐๐ผ [CNA] Bus, train fares to increase by up to 5 cents due to rising energy costs: Public Transport Council: https://cna.asia/3EFxDlT
๐๐ผ [CNA] Eligible lower-income households to get S$30 public transport vouchers to cope with rise in bus, train fares: https://cna.asia/3eoTR0x
๐๐ผ [ST] 600,000 public transport vouchers available from Dec 28 to help with fare hike: https://www.straitstimes.com/singapore/transport/600000-public-transport-vouchers-available-from-dec-28
๐๐ผ [ST] 11 new TEL stations, from Stevens to Gardens by the Bay, to open on Nov 13; free rides on Nov 11: https://str.sg/wHAv
๐๐ผ [CNA] 11 Thomson-East Coast Line stations to open on Nov 13; free rides available on Nov 11: https://cna.asia/3ynb5lM
-----
[10:17 am, 14/10/2022] +Rama: Will this continue yearly for how long more!?
[10:36 am, 14/10/2022] +Timothy Weerasekera: Imo quite reasonable that the fair increases come on the back of cost increases. It's clear that the Government is doing its part by shielding the most vulnerable with subsidies.
What is important is that wage growth outstrips rises in cost of living. In many industries, it does. But that's not always the case for everyone I suspect.
[10:40 am, 14/10/2022] +Caleb: +1
[11:00 am, 14/10/2022] +Rama: Wage growth as mentioned by dpm lw cannot rise too rapidly.
[11:10 am, 14/10/2022] +Tan Kay Eng: I think the fare increase is fair, just hope to have more extensive coverage. On the other hand, think the ministry should look into the monopoly of taxi/private hired cars companies where they raise fare by double/triple during peak hours simultaneously and leaving you no choice but to take it when Public transport not available.
[11:12 am, 14/10/2022] +CJ: Public transport fare should be kept at affordable level. Most households are currently experiencing high cost of living. Gov should defer till inflation is low around 2-3%.
[11:21 am, 14/10/2022] +Smiley face: 14 October, 2022
Good morning everyone!
To: Our Distinguished Leaders and All Honorable Members (including New members)
"While others jumped or attempts to jump, you stay put and watch these ripple of aftershocks then..."
- - annoymous
Where the thresholds and holding power?
One, our vulnerables and families are largely taken care off, so far, for the majority has the means to withstand this 'perfect storms of this century' through previously hard-earned savings?
Two, inflation aka cost of living have increased YTY and on an upward trajectory till anyone guessing when it will come down?
Three, if assuming wages to increase by 15% in fiscal 2023 across all sectors with workers in mind (minimal or no increment for bosses and managerial positions). What would be the business costs be by 2025 and beyond?
Heavier weighting on wages is one catalyst of inflation (a few more reactors). Hopefully, with 10% increase in wages for 'all workers' which cover more than 95% of any workforce is a prudent approach in than piling wage to wager a bigger economics war (this relentless inflationary thingie)?
Only if both US-China relationship cools down to a friendly and workable solution, all patterns of 'war' will emerge (both sides) till the last fellow stands taller above the rest (the rest means 1 ABANG and all adik)!
Upstoppable, that's itself is a zero sum game in playing now!
Afterwords:
"What if meaningless replacing the importance of meaningful (ends) and/or a purposeful (resolves) narrative?"
- - annoymous
Introduced an increase in fares for the public transport sector is a necessary pain?
Why applies this painful thing?
Economics in simple streets word is "everyone needs to make a living (ๅๅ็ฉไน)". This public transportation activities (owners & workers) need to survive too?
So long there are interventions to not OVERLY increase fares, things should work out itself.
- - in progress - -
[11:26 am, 14/10/2022] +65 8161 3490: Agree. There is a need for checking the high rates by Grab during peak hours. Also their standard taxi option that has lowest charge is often with no available cars. No choice but to move to the premium options. Or opt for other transport. Thx.
[11:33 am, 14/10/2022] +SL: Ibfirkation gathered on the trading of inflation @ global level will not end in these few years
[11:35 am, 14/10/2022] +SL: There is some strategic indicator consideration for global big players to increase the inflation to restructure the supply chain and industry.
[11:36 am, 14/10/2022] +SL: Hence, it is crucial for the transporters to be able to survive in the next few years, an increase in the fare is the best option least impact on residents
[11:44 am, 14/10/2022] +SL: Maybe a well-known document that was published on Wednesday can provide one of the referring points to the trajectory of global inflation till the end of 2024. The detail maybe provides some insight into the correlation in the forecast of inflation.
[11:46 am, 14/10/2022] +Smiley face: This an analytics and a business platform which needs to be monitored should excessive or overly charged fares, this private hire tpt.
It is not profiteering, hope not becoming but agencies should eyeball for these outlier of once a while fare surged during PEAK and Prime locations too!
[11:48 am, 14/10/2022] +Smiley face: Hi SL, good picking up this. Thanks.
Lucky, only if the famous 'TWO' (aka US-China) stop fighting over almost everything from tangibles and intangibles (face is one big intangible)?
[11:50 am, 14/10/2022] +SL: I think the root is related to “control” if referring to the 48 pages document
[11:51 am, 14/10/2022] +Smiley face: These days CIA can means China-India-Asean
How about FBI?
It can also means Full Blowout Initiatives (from the US)!
[11:51 am, 14/10/2022] +Rama: ๐ฎ๐ฏ๐๐๐ฅข๐
[11:52 am, 14/10/2022] +Smiley face: Can we read and digest this 48 pages...
[11:55 am, 14/10/2022] +Smiley face: Really lah...
"One Smart group think while the others are not fools..."
- - annoymous
"Never underestimate a man who overestimates himself..." - - Franklin D. Roosevelt
“ไธ่ฆไฝไผฐไธไธช้ซไผฐ่ชๅทฑ็ไบบ。”
——ๅฏๅ ฐๅ ๆ·็ฝๆฏ็ฆ
[11:55 am, 14/10/2022] +SL: More MRT line is coming up as per the schedule, and the number of passengers will be increased. Are the current stations going to upgrade to cater to the capacity increase (the platform, entrance, gantry etc)? Do we really need a gantry in the future?
[11:56 am, 14/10/2022] +SL: Google online and able to find the nss
[11:59 am, 14/10/2022] +Smiley face: Hi SL, good observations, thanks.
One capacity enabler is the number of cabins per Train trip plus frequency too.
The coming new lines and new routes is an example of intensity in the making.
Hopefully, with minimal breakdown (another worthy discussion topic), our MRT ecosystem will serve us well into the 2030s.
Hope it makes some sense? Thank you.
[0:16 pm, 14/10/2022] +Smiley face: Hi Andrew, thanks for the emoji...
How about NASA?
Simply, "Never A Straight Answer'...
Thanks.
[0:17 pm, 14/10/2022] +Rama: You never fail to surprise me!
[0:19 pm, 14/10/2022] ☸️ Danny ๅฟ:
1. Nobody like a price hike, though small increments, albeit in the midst of nasty inflation.
2. But companies need to be viable, not making loss so as to be able to serve the customers.
3. As read, SMRT is still profitable but SBS transit is making loss as it has more buses that use petrol (the impact of high energy price).
4. Hence a small fare increase is justifiable - provided that those vulnerable are given assistance to cushion the fare increase.
5. As observed, private hire and taxis fare increases are pretty steep.
When energy price drop in the future, hopefully fare can be adjusted downwards.
[0:24 pm, 14/10/2022] +Smiley face: Hi Andrew, likes your message...here it goes again...
"Having a bit of fun while in the mist of chaos and uncertainties, isn't it true, that's life? (่ฆไธญ ไฝไน?)"
- - annoymous
[0:25 pm, 14/10/2022] ☸️ Danny ๅฟ:
6. The MRT network plus future up and coming ones - has provided good coverage to many parts of Singapore making it very convenient for commuters.
7. Except that the MRT and bus service is up to 12 am. Then will have to rely on the more expensive private hire or taxis.
[0:32 pm, 14/10/2022] +SL: I think time is insufficient if cross-region travel within the island. If only start to take bus/train near the last trip after work late, taxi and private hire transport are required.
[0:33 pm, 14/10/2022] +Rama: Yes
[0:33 pm, 14/10/2022] +Rama: Maintenance of bus and track hold back extended hours
[0:37 pm, 14/10/2022] +Smiley face: 14 October, 2022
Having a bit of fun while in the mist of chaos and uncertainties, isn't it true, that's life? (่ฆไธญ ไฝไน?)
Bloomberg (12 October, 2022)
"PM Truss has hinted at why she thinks the welfare increases should be on the chopping block as she tries to fund her proposed, albeit amended, tax cuts. “When people are on a fixed income, when they are pensioners, it is quite hard to adjust,” she told LBC Radio last week. “It’s a different situation for people who are in the position to be able to work.”
Commentary:
A broad based welfare (ๅฎณๆ็ฑ)ecosystem will erode the Will to work and moving towards a relaxing mode? These "relax" habits are hard to ease off.
So how and what can be done?
Simply, too much to stomach-in and rushing against time to resolve from bonds to currency to economies?
Concepts:
Help or Harm (ๅฎณๆ็ฑ)
This five cents and that five dollars increased, it helps or it further harms our existential way of daily living?
To overly subsidised on tangibles will become the above example of an imploding welfare system in the making and the consequential effects and impacts of that situation!
- - in progress - -
[0:39 pm, 14/10/2022] +Smiley face: Extended work time will become an issue when the work life calibrates into a 4 days workweek?
Forget about the weekends catching up maintenance schedules?
Let's think and try solving this interesting point raised. Thanks.
[0:41 pm, 14/10/2022] +Rama: Don't expect to see 4 day work week during my life time
[0:44 pm, 14/10/2022] ☸️ Danny ๅฟ:
Only these countries have 4 days work week.
I hope Singapore will not join them if Singapore wish to remain a competitive nation.
[0:44 pm, 14/10/2022] +Rama: Agree
[0:49 pm, 14/10/2022] +SL: One of the contributors in UK pension funds issue the LDI investment model.. The issue becomes significant when the mkt is short of capital investment in 30 yrs uk bonds.
[0:53 pm, 14/10/2022] +Smiley face: 14 October, 2022
"Wait lah, soon, akan datang..."
How to be that David (red dot) that beats the Goliath (inflation)? After all, there is really nothing to loose now to seek ways to resolve many micro (can try) and macro(less able to do so) problems given the massive mess we are living in, daily!
(Disclaimer, read like a novel, be like a novice and may not work in this non-fiction world)
- - in progress - -
[1:57 pm, 14/10/2022] +Smiley face: 14 October, 2022
Good afternoon Everyone!
To: Our Distinguished Leaders and All Honorable Members
"Impossible exists only in the dictionary of fools..."
- - Napoleon
The life cycles and the economics cycles, greed or glory?
Artificial Interventions (aka AI):
From (simplest form) a primitive (primeval to medieval) community to industrial revolutions and into the Dynamics of the 21 centuries of (high impact) higher technologies. What is life then and now and these cycles of change brought to all human and the improvements of societies? What's the equation of inequalities (from caste into class and onto classics?) and many costs to pay for in exchange for an advance and efficient working orders and a higher civilisation?
On the other cycle, that is ec…
[2:00 pm, 14/10/2022] +REACH: ๐ข Topic ๐ข
On Wednesday, the Public Transport Council (PTC) announced that public transport fares will rise by 2.9% from Dec 26. The PTC said a major contributor to this was the increase in energy costs, which rose by 117% in 2021 due to the global energy crunch.
๐ฌ What are your views on the public transport fare rise? Do you think Singapore's public transport system is sufficient to meet commuters' evolving needs and the system's future challenges?
PTC Chairman Ms Janet Ang said that the PTC focused on ensuring there would be minimal increase in fares for the needy and vulnerable. The increase in concession card fares will also be capped at 1 cent per journey for students, senior citizens, lower-wage workers, and people with disabilities.
To help l…
[2:09 pm, 14/10/2022] +Ah Heng: think the concern here is more on if the fare rise is just? if the population keep increasing how can the public expect to have personnel space in transport system (public) and please why is taxi not consider public transport
[2:11 pm, 14/10/2022] +Ah Heng: over all the increased swill be view by many on a per mth basis rather than on per trip , it might be minor increased but on mth to mth to some families it might be alot given the increase in things around us and alot of uncertainty globally which we will sure to be affected
[2:12 pm, 14/10/2022] +Ah Heng: so is not weather it is sufficient .. is more of $ and cents matters
[2:12 pm, 14/10/2022] +Kenneth: I think the low income are well taken care of but is those middle income (neither upbor down) that is affected the most. Will the govt do anything for this group?
[2:13 pm, 14/10/2022] +Ah Heng: is always the middle income that suffer -> just like in any file and rank since when will the top and bottom feel the pressure .. is the middle layer to cushion the top and to shelter the bottom layer
[2:15 pm, 14/10/2022] +Ah Heng: anything to touch with the purse strings of any citizens will have a ripple effect -> cost of living, family building, mental and health care , social issues ...yes we cannot have a win win situation for all at govt expense but can it be a more softer approach given the current uncertainty globally
[2:16 pm, 14/10/2022] +Ah Heng: not asking the govt to be a nanny and shelter us always but also have to think while the shelter is there, rather how is the people going to thrive in the waves while being shelter so that all will come out stronger after the storm
[2:58 pm, 14/10/2022] +Khuan Yew: I think the increase is reasonable. 5 cents increase per trip and 2 trips a day for a working adult, 23 days a month = $2.30, which is less than the price of a bubble tea. Commuters should put the cost increase into perspective since they can cut their spending elsewhere by this small amount.
Most importantly the low income, seniors and school children are protected from the increase. I think this is a fair solution whereby the working adults bear the costs increase. I’m thankful that in Singapore there is a good and affordable public transit system. In other countries where private transport is the main form of transport, the impact to low income earners is greater due to the increase in fuel costs.
However, the public transport network needs to develop from a model where it is built only when there are sufficient residents. It should be built earlier before the sufficient population is achieved because it takes about 10 years to build an MRT line. For example, there are many new HDB flats coming up in Tampines North but the public transport network is poor and residents have to rely on buses. For young couples moving into their flats, they will be concerned about transportation especially when they have kids and costs of cars are very high now. Therefore, MRT network should be available when new HDB towns are open, not when some residents have lived there for 20 years.
[3:18 pm, 14/10/2022] +Smiley face: Hi Khuan Yew, great pointers. Thanks.
Add-on:
School bus services, how much would it goes up for younger children depending on these "uncle & auntie" school buses?
Any idea what's the present fare per kid per month?
Starting at $60/mth and onwards?
[3:18 pm, 14/10/2022] +Rama: Agree
[3:18 pm, 14/10/2022] +Linda Seng: $180/mth
[3:19 pm, 14/10/2022] +Linda Seng: For the school bus fare
[3:21 pm, 14/10/2022] +Linda Seng: For the public transport, the child fare is between $0.43 to $0.64 per trip base on distance if I didn't remember wrongly
[3:30 pm, 14/10/2022] +Smiley face: Thank you.
Younger kids may need this private school bus services. Parents may be busy due to working rush hours and school timing.
$180 is a big number.
[3:30 pm, 14/10/2022] +REACH: $1.5b package to help S'poreans cope with inflation; 2.5m people to get up to $500 in cash
More: https://str.sg/wVk6
5 help measures in October's $1.5b support package
More: https://str.sg/wVk2
[3:31 pm, 14/10/2022] +L or BL: Singapore PT is reliable, efficient, clean and cheap. The % will seem high because the base level is so low. Hopefully a few cents isn't going to cause problems for people.
[3:33 pm, 14/10/2022] +L or BL: Yes, I'd go as far to say that those who can afford it should pay more, even to further subsidies the concessions. A very small increase for 90% would make a huge difference to the 10% who need it. Does anyone know the % of people using PT that get concession fares?
[3:34 pm, 14/10/2022] +L or BL: In respect to the PT increase, do middle earners need help?
[3:39 pm, 14/10/2022] +Linda Seng: Yes it is a big number for parents.
[3:39 pm, 14/10/2022] +Ken Loh: Low income is a problem
[3:39 pm, 14/10/2022] +Smiley face: Can these private school bus operators enjoy a "cooperatives" fuel prices that is petrol and diesel.
To buy these fuels at below the COMMON kiosk prices? Twice weekly?
Just like NTUC cabs enjoying reduced diesel price at designated pump station.
[3:40 pm, 14/10/2022] +KL: Frankly I like to say all the policies only benefit rich and elites . When PT was listed is was earning a lot of money but was not well spent we tax payers or consumer pay the bills . They hire non local to drive the transport other than train so it become a evil karma . More foreigner = less wage. Push up commodities prices . It continue
[3:41 pm, 14/10/2022] +KL: By right , it should be citizen earn and tax income so each level get a portion of the gdp increase .
[3:41 pm, 14/10/2022] +Smiley face: Hi Ken,
With escalating energy prices, this example private school bus service...if affordability is not an issue, perhaps $200 per child would not matter much to these families?
Affordability and Accessibility.
[3:41 pm, 14/10/2022] +KL: So when the optimal level is break it cause big issue
[3:42 pm, 14/10/2022] +KL: Today issues is result of last decade porblems
[3:42 pm, 14/10/2022] +Ken Loh: Don’t know how I survive on $600 a month last time ๐
Not very hard
[3:42 pm, 14/10/2022] +Ken Loh: Now” very hard
[3:42 pm, 14/10/2022] +KL: When I was nsf I spend 60 on concession
[3:42 pm, 14/10/2022] +KL: Give parent 100
[3:43 pm, 14/10/2022] +KL: Ppl eat MacDonald I see see see
[3:43 pm, 14/10/2022] +Rama: Just like UK!
[3:43 pm, 14/10/2022] +Ken Loh: Lol I don’t even want to come out of camp.. stay in volunteered
[3:43 pm, 14/10/2022] +KL: Ate saf
[3:43 pm, 14/10/2022] +Ken Loh: To save of the $60
[3:43 pm, 14/10/2022] +Ken Loh: Life is tough.. but no choice.. either work hard to earn more.
Upgrade upskill
[3:43 pm, 14/10/2022] +Ken Loh: Only way
[3:44 pm, 14/10/2022] +KL: Sorry if I remember correctly you did not serve ns :( right ?
[3:44 pm, 14/10/2022] +Rama: Yes
[3:44 pm, 14/10/2022] +Ken Loh: I served.. but as clerk ๐
[3:45 pm, 14/10/2022] +Ken Loh: Didn’t cut out to be sgt ๐ฅฒ OOC
[3:45 pm, 14/10/2022] +KL: Sorry I remeber incorrectly cos I remember I say u got pes E or C
[3:45 pm, 14/10/2022] +KL: So not sure I serve or not
[3:45 pm, 14/10/2022] +Ken Loh: Nope didn’t say that before
[3:45 pm, 14/10/2022] +KL: So I think a lot of issue need to think about which is too late
[3:46 pm, 14/10/2022] +Ken Loh: Admin spec ๐ but without the spec rank
[3:46 pm, 14/10/2022] +KL: It not about increase 5 cents or 10 cents
[3:46 pm, 14/10/2022] +Ken Loh: In all our transport is still relatively affordable
[3:46 pm, 14/10/2022] +KL: It not about 200 of us opinion
[3:46 pm, 14/10/2022] +KL: It about sg as a whole
[3:47 pm, 14/10/2022] +KL: Who are thinking are correct or wrong
[3:47 pm, 14/10/2022] +Ken Loh: The transport company need to learn how to earn side income.. waste space. All the ads space wasted they really need to work hard on that
[3:47 pm, 14/10/2022] +Ken Loh: So no need to increase transport for revenue stream
[3:47 pm, 14/10/2022] +Rama: That's why our various taxes must keep pace for things such as this!
[3:47 pm, 14/10/2022] +Smiley face: That's Ben Bernanke's time... perhaps...?
[3:48 pm, 14/10/2022] ☸️ Danny ๅฟ: "
From taxi driver to software engineer in 9 months".
53 years old join train and placement course.
https://www.straitstimes.com/singapore/parenting-education/from-taxi-driver-to-software-engineer-in-9-months#:~:text=From%20taxi%20driver%20to%20software%20engineer%20in%209%20months
[3:48 pm, 14/10/2022] ☸️ Danny ๅฟ:
https://singapore.generation.org/#picker
[3:48 pm, 14/10/2022] +Ken Loh: I also transforming to be one ๐
[3:48 pm, 14/10/2022] +SL: https://www.todayonline.com/singapore/govt-support-measures-fully-shield-bottom-40-households-expected-inflation-2022-mof-report-2019886?cid=internal_sharetool_iphone_14102022_today
[3:48 pm, 14/10/2022] ☸️ Danny ๅฟ:
Upskill is the only way to earn better income.
[3:49 pm, 14/10/2022] +Ken Loh: For sure… but need to have access like internet or a computer
[3:49 pm, 14/10/2022] +KL: Actually Gov should not keep talking about tech . It must be optimal level
[3:49 pm, 14/10/2022] +KL: Now all tech gaint are axe staff
[3:49 pm, 14/10/2022] +KL: If not headcount freeze
[3:50 pm, 14/10/2022] +Rama: Congratulations
[3:50 pm, 14/10/2022] +KL: So it ppl job to forecast
[3:50 pm, 14/10/2022] +Ken Loh: Demand will still be there… axe is just company way of cut without any issue cause recession
[3:50 pm, 14/10/2022] +Ken Loh: The company still earning way way more than normal
[3:50 pm, 14/10/2022] +Ken Loh: Python anyone?
[3:51 pm, 14/10/2022] +SL: Years ago, a company did not focus on its core business and ventured into a side business, and it seems like residents cannot take the consequences.
[3:51 pm, 14/10/2022] +KL: As for raise of transport fee like I say it not about 5 or 10 cents it about the whole things ppl see u
[3:52 pm, 14/10/2022] +KL: During covid i think only 1.20 to 1.30
[3:52 pm, 14/10/2022] +KL: Now around 1.60
[3:52 pm, 14/10/2022] +KL: It already 30/1.20
[3:52 pm, 14/10/2022] +KL: 25%
[3:52 pm, 14/10/2022] +SL: Transport companies need to be able to survive to provide service to the mass public
[3:53 pm, 14/10/2022] +Ken Loh: There need to be a balance.. unless we willing to subsidy more.. we are paying for most of the transportation system already ๐
[3:53 pm, 14/10/2022] +Ken Loh: From government money
[3:53 pm, 14/10/2022] +Ken Loh: Take direct or take from tax
[3:53 pm, 14/10/2022] +Ken Loh: We have to choose I guess
[3:54 pm, 14/10/2022] +KL: Maybe should ask last 10 years profit where it went :) secondly I ask u hire mostly non local any impact to profit is bus fare increase need ?
Thirdly I though u private the transport company Towner smrt sbs seem like just ?
[3:55 pm, 14/10/2022] +KL: If u say fuel increase than I no comment indeed fuel increase why u never hedge fuel when covid one barrel only 30-59 buck ur forecasting got issue :)
[3:56 pm, 14/10/2022] +KL: Maybe time to look new economists liao
[3:58 pm, 14/10/2022] +Ken Loh: No space… lol we can’t hedge so much we don’t have space like big countries…
We have a deep oil tank Liao… ASEAN biggest
[3:58 pm, 14/10/2022] +KL: Paper contracts
[3:58 pm, 14/10/2022] +Ken Loh: https://www.google.com.sg/url?sa=t&source=web&cd=&ved=2ahUKEwi39_nrn9_6AhXTV3wKHecmDCUQFnoECAoQAQ&url=https%3A%2F%2Fwww.jtc.gov.sg%2Ffind-space%2Fjurong-rock-caverns&usg=AOvVaw0oRlUgW9Gwgx7maE2tvP-4
[3:58 pm, 14/10/2022] +Ken Loh: Nope physical
[3:59 pm, 14/10/2022] +KL: Frankly I only a commoner can’t look at the forward contract of these companies
[3:59 pm, 14/10/2022] +KL: So not sure how u know that time the oil belong to who
[3:59 pm, 14/10/2022] +SL: We know that any service comes with a price. Because of inflation, the cost is increased to sustain the service level. Else, the cost-cutting measures will kick in, and quality will drop. Those transport companies need to maintain the quality of services, and hence additional fare is required to meet the target.
[4:00 pm, 14/10/2022] +Ken Loh: As long as come to Singapore we can have a cut.. that’s good enough
[4:00 pm, 14/10/2022] +REACH: ๐ข Topic ๐ข
On Wednesday, the Public Transport Council (PTC) announced that public transport fares will rise by 2.9% from Dec 26. The PTC said a major contributor to this was the increase in energy costs, which rose by 117% in 2021 due to the global energy crunch.
๐ฌ What are your views on the public transport fare rise? Do you think Singapore's public transport system is sufficient to meet commuters' evolving needs and the system's future challenges?
PTC Chairman Ms Janet Ang said that the PTC focused on ensuring there would be minimal increase in fares for the needy and vulnerable. The increase in concession card fares will also be capped at 1 cent per journey for students, senior citizens, lower-wage workers, and people with disabilities.
To help l…
[4:02 pm, 14/10/2022] +KL: I think u need to think how to untilse WFH instead of earning from transport . I foresee wfh will be the next trend in the world
[4:02 pm, 14/10/2022] +Ken Loh: Quite expensive to WFH. No aircon need to pay for electricity ๐
[4:02 pm, 14/10/2022] +Ken Loh: No subsidy for food
[4:02 pm, 14/10/2022] +Ken Loh: ๐ฅฒ
[4:04 pm, 14/10/2022] +KL: Wfh will solve sg part of our under population
[4:05 pm, 14/10/2022] +KL: Cos it will reduce manpower needed for some service in long run.
[4:08 pm, 14/10/2022] +KL: Wfh May even help to reduce sg health care bills :)
[4:09 pm, 14/10/2022] +SL: I am not sure whether a local land transport company will hedge fuel. I know air and sea transport providers will hedge fuel due to economies of scale. Inflation increases do not affect fuel only, it impacts all areas.
[4:09 pm, 14/10/2022] +KL: The article say due to energy cost mah
[4:10 pm, 14/10/2022] +SL: Oops. ๐
[4:10 pm, 14/10/2022] +KL: Plus inflation economists are pay to predict if not accurate please ask them to leave
[4:11 pm, 14/10/2022] +KL: Only OPEC is out of prediction
[4:12 pm, 14/10/2022] +KL: Unless u a superpower or u are opec member lol
[4:15 pm, 14/10/2022] +KL: I thought they hedge for risk only and earn some side income lol .
[4:17 pm, 14/10/2022] +SL: I think those companies with fuel as 1 of their critical cost hedge fuel for operation purposes - to stabilise the business's cost in the next few months to a year etc.
[4:18 pm, 14/10/2022] +KL: Correct operation risk
[4:18 pm, 14/10/2022] +KL: And to stabilise cash flow
[4:19 pm, 14/10/2022] +SL: Unless it is a commodities trading company or investment company in the natural resource trade business
[4:19 pm, 14/10/2022] +SL: Yes
[4:20 pm, 14/10/2022] +SL: The chief risk officer and chief operating officer are essential in managing the hedging risk
[4:20 pm, 14/10/2022] +KL: So some ppl are not doing their job well .
[4:24 pm, 14/10/2022] +SL: Hedging risk is very fluctuation, and the model of hedging is the key to success in hedging. The effectiveness of a model changed as the environment changed. The model is supported by data input, system, manpower, criteria, environment sensing. It might not be a people issue.
[4:24 pm, 14/10/2022] +KL: But can’t be always increase mah
[4:24 pm, 14/10/2022] +KL: Since it always increase you hedge it
[4:26 pm, 14/10/2022] +KL: 1.3 to 1.51
[4:26 pm, 14/10/2022] +KL: It already few percent since March
[4:26 pm, 14/10/2022] +SL: The supply and demand side also performed the hedging for the same duration. Hedging for a price up and hedging for a price down are also available.
[4:27 pm, 14/10/2022] +KL: True
[4:27 pm, 14/10/2022] +KL: It their job to predict if not pay in millions
[4:27 pm, 14/10/2022] +KL: If pay millions not accurate something is wrong
[4:28 pm, 14/10/2022] +KL: Btw I do keep track by per trips
[4:30 pm, 14/10/2022] +KL: Is it 2.9% or higher everyone can tell
[4:32 pm, 14/10/2022] +KL: Since March 2022 I think increase a lot liao
[4:33 pm, 14/10/2022] +KL: Express bus also increase from 1.50 to 2.20 if I not wrong but okay that my fault cos too tired.
[4:33 pm, 14/10/2022] +KL: Sorry 1.50 to 2.11
[4:33 pm, 14/10/2022] +KL: :)
[4:41 pm, 14/10/2022] +Rama: This will fluctuate as the population ages and replacement birthrates are inadequate.
[4:48 pm, 14/10/2022] +jimmy chew: Earlier in the decade SIA did and the price of oil drop to USD 20. So they Lost ๐คฃ
[4:48 pm, 14/10/2022] +KL: Ya I know
[4:48 pm, 14/10/2022] +KL: They win for decades
[4:48 pm, 14/10/2022] +KL: I was surprise they lost so much
[4:49 pm, 14/10/2022] +jimmy chew: I hope they'll adjust back when oil prices drops
[4:49 pm, 14/10/2022] +KL: If not need few rounds of assistance
[4:55 pm, 14/10/2022] +KL: Did U see when the flag down price of taxi decrease when covid ?
[4:55 pm, 14/10/2022] +KL: :)
[4:55 pm, 14/10/2022] +KL: After covid now is 4.10
[5:12 pm, 14/10/2022] +jimmy chew: Singapore is always progressive
[5:12 pm, 14/10/2022] +jimmy chew: ๐คฃ
[5:13 pm, 14/10/2022] +KL: Sorry just check I saw is 3.90 I remember seeing 4.10 a lot cab
[5:13 pm, 14/10/2022] +KL: From. 3.30 to 3.90 a lot leh
[5:14 pm, 14/10/2022] +KL: :( so I wonder did I dream about 4.10 :(
[5:14 pm, 14/10/2022] +Rama: Probably happening next year๐
[5:18 pm, 14/10/2022] +Tan Kay Eng: Just saw on the road. Some 3.90.some 4.10 ๐คญ๐คญ
[5:19 pm, 14/10/2022] +KL: Thanks for helping to bring me back to reality I thgt I dreaming or some ah gong number
[5:21 pm, 14/10/2022] +KL: Really tough :(
[5:22 pm, 14/10/2022] +KL: Taxi is a luxury for me but necessary for old folk and handicapped . So incant really say a luxury items
[5:22 pm, 14/10/2022] +REACH: About 10,500 more students to benefit from financial support, bringing total to 135,500
More: https://str.sg/wVkF
Measures rolled out in 2022 fully covers inflation impact for households in bottom 40%: MOF report
More: https://str.sg/wVZ5
[5:23 pm, 14/10/2022] +KL: Unfair for minority
[5:34 pm, 14/10/2022] +KL: We need to discuss this report ? :)
[6:00 pm, 14/10/2022] +REACH: ๐ข Topic ๐ข
On Wednesday, the Public Transport Council (PTC) announced that public transport fares will rise by 2.9% from Dec 26. The PTC said a major contributor to this was the increase in energy costs, which rose by 117% in 2021 due to the global energy crunch.
๐ฌ What are your views on the public transport fare rise? Do you think Singapore's public transport system is sufficient to meet commuters' evolving needs and the system's future challenges?
PTC Chairman Ms Janet Ang said that the PTC focused on ensuring there would be minimal increase in fares for the needy and vulnerable. The increase in concession card fares will also be capped at 1 cent per journey for students, senior citizens, lower-wage workers, and people with disabilities.
To help l…
[6:03 pm, 14/10/2022] +Caleb: how about we increase all public car parks, parking rates, to subsidies the public transport?
[6:07 pm, 14/10/2022] +Caleb: and with the raising cost of living, means more GST have been collected this year. must we still increase GST?
[6:07 pm, 14/10/2022] +SL: Diff types of taxi diff rates for flag down
[6:08 pm, 14/10/2022] +SL: Extracted from webpage
[6:10 pm, 14/10/2022] ☸️ Danny ๅฟ:
That means this will further squeeze the middle income - because middle income people stay in HDB flats.
Very rich people stay in landed properties and condo.
They don't park their cars in public car park.
[6:11 pm, 14/10/2022] +danielhl chua: The headline should be 10,500 more students require financial support after inflation impact.
There ought to have a survey done for to check in all students with their needs.
Question such as:
Did your family give you enough allowance for food and tpt?
Anyone in your family is feeling stressed that affects your learning?
And so on... There is so much ongoing in these students' life which impacts them deeply.
[6:12 pm, 14/10/2022] ☸️ Danny ๅฟ:
On top of the high Coe, petrol prices they have to pay - and yet subsidise the public transport in which they don't used.
[6:14 pm, 14/10/2022] ☸️ Danny ๅฟ:
It make sense for people who use the services pay for the services - this is appropriate social justice.
[6:15 pm, 14/10/2022] +KL: This report want us to praise them but well written. The root cause is :
student define as below 18 abv 7
So by nric ( Dec born should end with 8436** **high estimate we should only have 35,000 to 39,000 kids x 12 total is ard 468,000 yet 28% need suppprt ? I think most year end with 35,000 right ?
[6:16 pm, 14/10/2022] ☸️ Danny ๅฟ:
Redistribution of wealth - should not be done in such manner.
[6:20 pm, 14/10/2022] ☸️ Danny ๅฟ:
Else it is equivalent to saying, those who own cars and stay in HDB flats must pay for the bus fare and MRT fares of public transport commuters.
[6:21 pm, 14/10/2022] +L or BL: It's an excellent system and approach that enables quiet(er) roads for car drivers and reliable transport for every else.
[6:22 pm, 14/10/2022] +Rama: Agree
[6:22 pm, 14/10/2022] ☸️ Danny ๅฟ:
This is a more appropriate approach of redistribution of wealth - through a fiscal approach.
[6:23 pm, 14/10/2022] ☸️ Danny ๅฟ:
Through a budget surplus.
[6:23 pm, 14/10/2022] +L or BL: If we didn't subsidise PT then it would be prohibitively expensive. We don't say only pay for the Police if you use the police, do we.
[6:24 pm, 14/10/2022] +Rama: Definitely
[6:24 pm, 14/10/2022] +L or BL: Every major city in the world has terrible traffic problems, except Singapore.
[6:24 pm, 14/10/2022] +Rama: Learn from us humbly and apply accordingly
[6:24 pm, 14/10/2022] +L or BL: We have cheaper taxis and PT and quieter roads than any other developed city in the world.
[6:25 pm, 14/10/2022] +Rama: Great foresight planning with understanding of the problems elsewhere
[6:25 pm, 14/10/2022] +L or BL: The COE prevents lower income families from buying cars, yes, but the PT still enables them to move around for work and social engagement.
[6:26 pm, 14/10/2022] +L or BL: Accessible transport is a key requirement for good social engagement, active employment and access to services
[6:27 pm, 14/10/2022] +L or BL: A car is a luxury anywhere and SG makes you pay for it, with good reason.
[6:27 pm, 14/10/2022] +L or BL: Fortunately our low cost cabs (relatively) are available when necessary
[6:28 pm, 14/10/2022] +Liangwei: The following would be useful
1) when the Gov collates data on price increases, in the context of a family of four, with two elderly parents to support, what is the average financial burden increase year on year for five years if they
A) are a family that uses public health care, public transport, eat at food court one meal a day X five days a week, buy a four room hdb
B) same as above but buys a condo
By looking at total burden compared to wage increase of two earning adults in the 20s n 30s, then we can see whether the overall package is one that will kill aspiring young pple wanting to form families or encourage birth rates.
[6:28 pm, 14/10/2022] +Liangwei: Isolated justification of peculiar areas of financial strain is insufficient because that is not the actual experience.
[6:30 pm, 14/10/2022] ☸️ Danny ๅฟ:
Policy makers don't antagonise one group to appease another group in public policy making.
It will trigger social fissure.
If don't believe, tell the government to pitch using this approach - you will trigger a social disharmony.
[6:32 pm, 14/10/2022] +L or BL: Of course not, I agree.
[6:34 pm, 14/10/2022] +Caleb: hmmm, then increase ERP...
[6:39 pm, 14/10/2022] ☸️ Danny ๅฟ:
The objective of ERP is to control congestion.
Not to collect taxes to subsidize public transport.
Every govt policies have a purpose so that it cannot be abuse or diverted to fulfill other unintended purposes.
[6:39 pm, 14/10/2022] +Rama: Agree
[6:40 pm, 14/10/2022] +Caleb: I mean increase ERP to have more money for all other gov expenses
[6:40 pm, 14/10/2022] ☸️ Danny ๅฟ:
Else why not say increase taxes on smoking 100% to fund public transport?
[6:40 pm, 14/10/2022] +Caleb: Not directly subsidy Pt
[6:41 pm, 14/10/2022] ☸️ Danny ๅฟ:
ERP purpose is to control congestion - not taxes to boost government revenue.
[6:42 pm, 14/10/2022] +Rama: I would welcome an increase in tobacco tax but gradually. Fund health promotion programmes.
[6:44 pm, 14/10/2022] ☸️ Danny ๅฟ:
There is an implicit tie in this policy to healthcare program.
[6:45 pm, 14/10/2022] +REACH: Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan ๐
[6:45 pm, 14/10/2022] ☸️ Danny ๅฟ:
Else if business cost go up, or bosses find it too expensive to do business, they more cut jobs or move their business out.
Then it backfire on those who scramble to do robin hood.
[6:50 pm, 14/10/2022] +William: Hope there will be cash vouchers for Singaporean family earning less than 100k Annually to ease this increase. ๐
[6:51 pm, 14/10/2022] +Rama: I believe the living expenses supplement is this
[6:52 pm, 14/10/2022] +Caleb: +1
[6:59 pm, 14/10/2022] +Smiley face: -- continues from Part 1/2 - -
"While others jumped or attempts to jump, you stay put and watch these ripple of aftershocks..."
- - annoymous
How to stop this depressing rhythm of economics?
Ideally speaking, an old saying if, "money is the road to all evils" we should avoid this endless highway of pain and disaster? If the order of numbers begin with 0 and ends at 9, how should one plan, rank and position in this numbers sequencing game (assuming zero sum in each unique event of occurance - micro & macro perspectives)?
Economics History?
Blips of Analytics -
In 1770-1780, the rate of inflation was 50%. Notable events are the Tea Act of 1773 and the Funding Act of 1775/77
In 1790-1800 it shrunk to -10%. Notable events are Bank of North America Act of 1781, First United States Bank Act of 1791 followed by Tariff, Revenue and Land Acts of 1792, 1794 & 1796-1800 respectively.
By 1820-1830, it was -30%. In 1860-1870 it rose to 47%. Notable new Act is the Preemption of 1830.
By 1900-1910 it mushroomed to 20%. By 1930-1940, it's sank to -25%. Notable events are the Currency and Gold Standard Acts of 1900 and WW1 in 1914-1918.
In 1940-1950, big growth of over 56% rate of inflation. The last peak was in 1970-1980 which hot up to 65%! Notable Acts are Bretton Woods, Federal Reserve, Banking, Securities Exchange, Communications, Federal Credit Union, National Housing, Gold Reserve, Bankruptcy, Natural Gas, Civil Aeronautics, Fair Labor, Food, Drugs and Cosmetics, Trust Indenture, Investment Company and many other Acts from 1931 to 1940 and WW2.
(data: courtesy of Princeton University, Dept of Economics & Dept of History)
Back to the future-Now!
It has been over four decades since the last big one (hyper inflation) happened. That's a retrospective of the account of inflation.
Now or Never(mind)?
Long term debts from previous three or more decades resulted in today's entanglements and bubbles (Quantitative Easings). If there is no bubble, then no worry of a recess or a worse scenario of a depression which seems to mirror many previous economics History from 1700s to 2020s? The up and down and up, all ends at one COMMON spot that is growth and lately monetary growth (M2) and escalating values of all assets class. Is it true or not so ?
So how to be a David fighting that monstrous Goliath?
A small size government coupled with a lower inequalities of society and massive Capital inflows across strategic industries to support and sustain the micro economics. In an 'ideal' scenario of a recession and a contraction of business activities is to minimise unemployment so much so that it is almost zero unemployment that the cost of job support measures and retrenchment benefits would not be a reality, importantly, no becoming a liquidity issue to an economy or a company!
In Micro Steps?
Stabilising the internal wages across our microeconomies. NWC and stakeholders will enable this stabilisation of wages.
Two, provide meaningful/purposeful interventions similar to the JSS to hold things upwardly and be doubly pro-active in placement'of jobs. Try not to overly intervent through subsidies; 75% of citizens will get-by with the least helpings for the next four quarters or longer. Let the next review of costing before Budget 2023 which will be in February.
Three, build a micro and robust system to weather any unforeseeable external shocks from supply chain disruptions to counter parties risk and seek for a lower growth (GDP) period.
Four, all governments need to tax to exist and provide good initiatives and public services. By reassessing our tax systems other than personal and corporate. Identifying any citcumventing of taxable items from GST, imports, inter-entity transfers to properties. These accumulated tax collectables (closing the loopholes) will yield a fairer outcomes and the man on the street will applaud and call it 'Equals' (you spent more, you pay more; you earning more, you get taxed fairly)?
On personal finances?
Save more, spend wisely and try to reduce exposure to debts. Buying gold as a safe haven is only for those whom have extra means and cash to play this shinning metal. Try to postpone purchase of properties unless your debt ratio is healthy or buy what you can comfortably afford to service this loan plus other expenses.
Summarising, hope that our policymakers would look into the above suggestions and expand it to 'cushion' internally; today, it seems to be an ever highly chance of a hard fall, this worrying Macro recession and let not it becomes another Great Depression of the 1930s? Fact is, a handful of top economists are already saying that it will not be so bad Q4-2022 and into 2023!
- - Part 2/2 - -
(It is a multi level complex game of external geopolitics and micro economics in play. Executing and managing prices, equilibrium of supplies/ demands, fiscal & monetary policies and inflation. More time is needed to expand the above broad perspectives in detailed actions on how to deal with so many inter-connected variables, one at a time and so on, 'untying the Dead knots'...)
Good nite and have a great weekends!
[7:00 pm, 14/10/2022] +REACH: Dear Contributors,
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan ๐
====
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