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PTC begins review of public transport fare adjustment formula, mechanism
THE Public Transport Council (PTC) of Singapore said on Wednesday it has commenced a review of the public transport fare adjustment formula and mechanism.
The PTC aims to complete the review by the first quarter of 2018 and apply it from the 2018 annual fare review exercise.
The current five-year fare formula is valid until 2017.
In the review, the PTC will examine the effectiveness of the current fare adjustment formula and mechanism, and propose improvements in consideration of the changes to the public transport industry.
The review will focus on maintaining a good balance in keeping public transport fares affordable while ensuring the financial viability of the public transport system. It will also ensure that the views of key stakeholders are adequately sought and represented.
It will engage commuters, public transport operators and transport experts.
Richard Magnus, chairman of PTC, wrote in a blog post that it is "timely" to review and recommend to the government a new fare formula and mechanism.
He added: "Service improvements come at a cost. There will need to be equitable cost sharing among commuters, taxpayers and public transport operators."