Higher supply of active taxis, private-hire cars has moderated fares, drivers’ earnings: Amy Khor

The average cost of point-to-point trips declined in the first half of 2023 after peaking at the start of the year.

P2P fares are subject to “seasonal fluctuations”, Dr Khor said, and tend to rise during festive seasons and in months when there are major events, such as Taylor Swift’s concerts in March and Coldplay’s concerts in January. Conversely, demand dips during school holidays, when many Singaporeans are abroad. These peaks and troughs in demand affect drivers’ income, she noted.

“The appropriate level of supply for the sector depends on the level of commuter demand and the fares they are willing to pay,” she said. High demand – and the resulting fare increases – tends to incentivise drivers to enter the market. When there is an oversupply of drivers, fares drop and some drivers may decide to exit the market, Dr Khor noted.up from eight years – a move that was announced in March. “The operators should pass these cost savings to drivers via lower rentals,” Dr Khor said.

She also said that drivers can “make informed decisions, such as when to drive and which rides to take”, and use multiple ride-hailing platforms to “maximise their earnings based on their driving preferences”, referring to the P2P sector’s transparency regulations and multi-homing rules.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Number of taxi, private-hire drivers grew ‘much faster’ than ridership, resulting in lower earnings: Amy KhorSome drivers have seen an over 30 per cent fall in earnings in the past six months, said Member of Parliament Desmond Choo.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Number of taxi, private-hire drivers grew 'much faster' than ridership, resulting in lower earnings: Amy KhorSINGAPORE — With the recent increase in taxis and private-hire cars, the earnings of these drivers have “moderated” as passenger demand has not risen as much, said Senior Minister of State for Transport Amy Khor.
Source: TODAYonline - 🏆 1. / 99 Read more »

Singapore stocks open higher on Friday—STI climbed by 1%In the broader market, 102 gainers outpaced 41 losers, after 50.6 million securities valued at S$84.6 million changed hands.
Source: IndependentSG - 🏆 9. / 63 Read more »

Lower HDB loan limit aimed at encouraging prudent borrowing, dampening higher-end market demand: Desmond LeeSINGAPORE — The lowering of the maximum loan that home buyers can take from the Housing and Development Board (HDB) is aimed at encouraging more prudent borrowing and dampening demand at the higher-end of the public housing resale market, said National Development Minister Desmond Lee on Tuesday (Aug 20).
Source: TODAYonline - 🏆 1. / 99 Read more »