Photo of overcrowded SBS bus from Asiaone

After a 4.2% fare hike approved by the Public Transport Council, SBS Transit posted a 50.3% rise in net earnings of S$47.1 million for 2017. Revenue also increased 8.5% in a single year to S$1.2 billion.

In an announcement on fare revisions last year (Oct 31), the government’s PTC openly cheated Singaporean commuters by refusing to pass 5.4% discount calculated based on the current fare formula. Fare prices were also increased with pre-travel commute previously free, now being charged full fare minus 50 cents.

The state-owned public transport company thanked the government’s lucrative bus contracting model for the huge income growth.

Singapore adopts a legalised corruption called “bus contracting model” where taxpayers have to borne the cost of rail assets maintenance and purchase, while the Temasek Holdings-owned companies – SBS Transit and SMRT – need only to manage the human resource. The corruption cost taxpayers hundreds of millions in losses every year, which in turn became profits for SBS Transit and SMRT. The Singapore government did not explain why the lucrative portion were privatised, while costs were nationalised.