Public Transit Fare Adjustments: Increment of 10 to 11 Cents Since Dec 23

Public transport fares for buses and MRT have seen an increase of 10 to 11 cents per journey for adult card fares since December 23. Meanwhile, adult cash fares, still accepted for bus rides, have experienced a steeper increase of 20 cents.

Commuters using concession cards, on the other hand, have faced a more modest increase of 4 to 5 cents per journey, while concessionary cash fares for bus rides have gone up by 10 cents.

PUBLIC TRANSPORT COUNCIL ANNOUNCEMENT

The Public Transport Council (PTC) announced an overall seven percent increase in public transport fares, emphasizing that this is only a third of the 22.6 percent maximum quantum. The hike is attributed to the persistent rise in energy prices, core inflation, and robust wage growth in 2022.

Despite the economic factors driving the increase, the PTC clarified that it granted only a 7 percent increase “to keep public transport fares affordable in this higher cost environment.” Additionally, 15.6 percent will be rolled over to future fare review exercises.

To mitigate the impact on commuters, the Government has allocated an additional S$300 million in subsidy to defer allowable fare adjustments to future reviews, up from the S$200 million provided the previous year. This subsidy is in addition to the annual S$2 billion in public transport subsidies given by the Government.

The fare adjustment is expected to generate approximately S$137.4 million in additional revenue for public transport operators annually.

Image Credits: lta.gov.sg

POSITIVE DEVELOPMENTS

Amidst the fare increases, there are positive developments for certain groups. Heavy users of public transport belonging to concessionary groups, such as students, seniors, and full-time National Servicemen, will benefit from a reduction of up to 10% in the hybrid (bus and train) monthly concession passes.

Furthermore, a new monthly concession pass will be introduced for Workfare Transport Concession Scheme Cardholders, aimed at assisting lower-wage workers.

In an effort to support lower-income households further, the Ministry of Transport has announced the provision of public transport vouchers worth S$50 each. These vouchers will be available to resident households with a monthly income per person not exceeding S$1,600 and can be used to top up fare cards or purchase monthly passes.

Sources: 1 & 2

 

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5 Cheapest Car Insurance Plans in Singapore

Navigating the complex landscape of car insurance in Singapore requires a keen understanding of both the costs and benefits associated with various plans. In this analysis, we’ve scrutinized multiple insurance providers to offer you a comprehensive overview of your options. Here’s a breakdown of some of the most prominent insurance plans available, helping you make an informed decision tailored to your specific needs and budget.

Allianz Motor Protect: Affordable Comprehensive Coverage
Starting at S$865.05, Allianz Motor Protect stands out for its budget-friendly yet comprehensive coverage. With flexible excess options and a unique “Agreed Value Payout at Total Loss” benefit, this plan caters to individuals seeking economical coverage without compromising on essential features.

Etiqa Comprehensive: Tailored Excess Options
Etiqa Comprehensive, starting from S$835.26, offers the flexibility of choosing your excess level, allowing you to align your premiums with your financial comfort zone. This plan also stands out with lower vulnerable driver excess, translating to potential savings and making it an attractive option for those who prefer customizable plans.

Singlife Lite: Affordable Option for Young Drivers
Priced at S$1,311.58, Singlife Lite offers competitive premiums, particularly benefiting young and inexperienced drivers. With waived excesses for windshield repairs and drivers falling into these categories, immediate savings are ensured in case of accidents. Additionally, the reduced NCD deduction of only 10% for ‘at-fault’ claims helps you save money and maintain your NCD discount more easily.

NTUC Drivo: Popular Choice with Loyalty Benefits
NTUC Drivo, starting from S$1,935, is a popular choice in Singapore. Its comprehensive coverage, reasonable premiums, and competitive benefits make it a favorite among drivers. Moreover, loyalty to NTUC can lead to additional savings, including a free NCD protector after two consecutive years of 50% NCD, further reducing your premiums.

FWD: Best Value Comprehensive Coverage
FWD, priced from S$2,138, offers extensive coverage with competitive benefits. While it has slightly higher premiums, the marginal difference translates to just S$14 more per month than the closest competitor. FWD stands out with substantial legal cost coverage and a unique one-time payout of S$250,000 for surviving children if both parents are involved in a car accident, providing valuable additional protection.

Image Credits: unsplash.com

Each option presents a balance between affordability and comprehensive benefits, ensuring that you can find a plan tailored to your specific requirements and financial considerations. Remember to carefully assess your needs and preferences before making a decision, ensuring that you select a plan that offers the right coverage for your unique situation.

Sources: 1 & 2

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Cross Island Line Phase 1 Targets to Be Completed by 2030

On January 18, the construction of the Cross Island Line (CRL) Phase 1 began. It is the country’s eighth MRT line. The interchanges for Phases 1 and 2 will include Hougang on the North-East Line, Ang Mo Kio on the North-South Line, Bright Hill on the Thomson-East Coast Line, Pasir Ris and Clementi on the East-West Line, and King Albert Park on the Downtown Line. The details for Phase 3 of the CRL will be released later.

According to Land Transport Authority, CRL sets a record as the longest fully underground line.

“Our eighth MRT line, the Cross Island Line will be our longest fully underground line at more than 50 kilometers long. It will serve existing and future developments in the eastern, western, and north-eastern corridors, connecting major hubs such as Jurong Lake District, Punggol Digital District and Changi region.

When operational, it will have the highest number of interchange stations, with almost half the stations on the line being linked to existing rail stations. This means more alternative travel routes to get to your destination.”

The 29-kilometre-long Phase 1 of the CRL will include 12 stations from Aviation Park to Bright Hill. This will be beneficial for the residential and industrial areas such as Tampines, Pasir Ris, Defu, Hougang, Serangoon North, and Ang Mo Kio. It is estimated that more than 100,000 households will be served from Phase 1 of CRL. Furthermore, common recreational spaces such as Changi Beach Park and Bishan-Ang Mo Kio Park will become accessible through public transportation. Construction for Phase 1 of CRL is targeted to be completed by 2030.

Image Credits: lta.gov.sg

The second phase is approximately 15 kilometers and comprises six underground stations such as Turf City, King Albert Park, Maju, Clementi, West Coast, and Jurong Lake District. The Environmental Impact Study for Phase 2 of CRL has been completed and reports are made available.

The construction works for CRL – Punggol Extension are expected to start by the end of 2022 and targeted to be completed by 2032.

Transport Minister S Iswaran highlights that this massive project is not without its challenges as its construction will “test the professional mettle of our engineers and all our partners”.

He added: “That means having a tunnel that goes through a wide variety of soil conditions at different stretches, ranging from soft marine clay to extremely hard rock.” Special machines and added precautions will be needed to ensure the safety of the workers and the stability of the ground.

Rail expansion is a key thrust in Singapore’s comprehensive effort to enhance its transport system – from the first to the last mile, said the transport minister. The CRL is set to improve the lives of its residents and workers nearby. It also gives people access to the beautiful attractions that they offer.

Let’s see what CRL offers in the year 2030!

Sources: 1 & 2

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Here’s what you need to know about rising COE premiums

cars on Singapore roads

According to auto dealers and transportation specialists, Certificate of Entitlement (COE) rates may continue to increase due to a persistent shortage of COE supply and continuous demand from wealthy purchasers.

This comes after the Open Category COE premium reached S$110,524, shattering the previous record held since December 1994. Additionally, premiums increased everywhere. Premiums for Category A closed at S$78,001, an increase from S$74,989 in the previous exercise while premiums for Category B increased from S$106,001 to S$107,800.

What industry experts say

As a result of a low number of deregistrations from April to June, it is anticipated that the COE quota for August through October would be reduced by up to 20 percent. As we enter the actual quota cut phase, it is expected that prices would rise even more.

Due to the high expense of purchasing a new vehicle, this circumstance has unfortunately created a vicious loop where individuals will be less eager to scrap and deregister their automobiles. Having said that, given the limited availability of COE, buyers may swarm in as soon as premiums begin to decline slightly.

Increase in demand from the rich
foreigners in Singapore

Image Credits: unscrambled.sg

This demand is presumably in part being driven by the surge of foreigners. If you don’t believe it, you may rely on media claims that Singapore’s skyrocketing rental costs are being pushed by wealthy foreigners who migrated here to avoid more stringent COVID-19 regulations elsewhere.

Many affluent folks have arrived in Singapore in search of a home and a vehicle. These peeps are more concerned about getting a car, and most would even overlook the price of a COE. The majority of individuals would not want to wait for the subsequent, more severe phase of quota reduction. As a result, many jumped at the chance to place a bid, which led to the COE premium’s increasing trajectory.

Can we expect premiums to go down?

Experts pointed out that the only time premiums would decrease is when the COE supply is recovered, which is anticipated to happen in 2024 or 2025 when more vehicles are deregistered. However, it’s doubtful that the costs would drop considerably until a sizable supply resumes operations.

Even so, premiums won’t drop to the low levels of 2015. The income distribution would have shifted a little bit upward, presuming that the economy works well and Singapore continues to see prosperity among its wealthiest citizens and consumers.

Meanwhile, we could only wait and hope that the government would temporarily expand the supply of COE in the near run to bring costs down.

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Drivers can now look forward to better EV charging networks in Malaysia

ross-border EV charging network

By now, it’s impossible not to know that Singapore wants to establish a greener and more sustainable land transport industry, lowering peak land transport emissions by 80%. As a result, the Singapore Green Plan 2030 comprises a significant push to electrify our car population, which would assist Singapore in achieving our goal of having much cleaner energy automobiles by 2040.

With all of the latest buzz around electric vehicles (EVs) and the reopening of the Singapore-Malaysia borders, drivers are questioning if their electric car road trips to Malaysia would go smoothly. If you’ve been keeping up with the news on Malaysia’s EV infrastructure, you will know that the past journeys taken by other drivers have been a bit nerve-wracking.

Situation last year

In March 2021, drivers on Malaysian highways revealed their frustrations with driving an electric car. Many people have discovered that driving an electric car in Malaysia was difficult due to the country’s lack of infrastructure to support the widespread adoption of EVs. There were only about 300 electric charging sites in the country at that time, with the majority located along the west coast and in the Klang Valley.

In addition, drivers were aware that there were insufficient garages or maintenance services dedicated to EVs in Malaysia should urgent servicing be required. Nonetheless, many people remarked that the scenario was developing, and there was hope that in the future that taking a road trip in Malaysia in an electric car will become a more practical alternative.

Better EV charging networks this year
map of charging points in Malaysia

Image Credits: City Energy

This month, we have good news. Local gas supplier City Energy partnered with a Malaysian firm to establish a cross-border EV charging network, improving accessibility for EV drivers in both Singapore and Malaysia. The EV charging service, known as Go, is accessible via a smartphone app that allows users to identify and access charging stations that are part of this collaboration in both nations.

The service is made possible by City Energy’s relationship with Malaysian firm EV Connection, which has a network that spans Johor, Penang, and Kuala Lumpur. There are already EV charging stations along the north-south expressway and the app will provide greater ease since consumers will be able to initiate charging and make payments across Malaysia using the same City Energy Go app.

By the end of this year, the JomCharge network will have deployed at least 50 more DC (fast charging) chargers. Drivers in Malaysia should seek EV charging facilities with the JomCharge logo, which are often located at gas stations. Users will be presented with a map indicating their current location as well as the numerous EV charging sites accessible after launching the City Energy Go app.

To begin, scan the QR code at the charging station or input the ID of the charging point. Next, choose between DC and AC (regular charging) and press the “start charging” button on the screen. Once you’re done, just pay for the final billing amount via the app and you’re good to go! Easy peasy, isn’t it?

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