Financial Penalties Imposed on Public Transport Operators

Debated in Parliament on 17 Feb 2014.

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Gerald Giam asked about the total financial penalties imposed on each public transport operator (PTO) over the last three years and whether these penalties can be included in operational expenses.
Lui Tuck Yew provided specific penalty amounts: SMRT was fined $2.2 million (2011), $0.5 million (2012), and $0.36 million (2013); SBST was fined $0.4 million (2012) and $0.25 million (2013).
The PTOs, as publicly-listed companies, account for all regulatory penalties in their annual reports and income statements.
The Public Transport Council (PTC) does not consider these penalties when determining fare adjustments, as the fare formula is based on macroeconomic indicators and does not allow PTOs to pass penalty costs to commuters.

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Gerald Giam Yean Song

Mr Gerald Giam Yean Song asked the Minister for Transport (a) what is the amount of the total financial penalties imposed on each of the two public transport operators (PTOs) in each of the last three years; and (b) whether the PTOs are allowed to factor these penalties in their operational expenses and, if not, how does the Public Transport Council ensure that these penalties are not included as part of the PTOs' operational expenses.

Lui Tuck Yew

SMRT was fined a total of $2.2 million for incidents occurring in 2011; $0.5 million for incidents occurring in 2012; and $0.36 million for incidents occurring in 2013. SBST was fined $0.4 million for incidents occurring in 2012; and $0.25 million for incidents occurring in 2013.

Page: 143

As publicly-listed companies, the public transport operators (PTOs) account for all regulatory penalties in their annual reports and income statements.

The Public Transport Council (PTC) does not consider the financial penalties imposed on the PTOs when deciding on fare adjustments. The fare adjustment quantum is determined using the fare formula, which is based on macroeconomic indicators, such as the Core-Consumer Price Index, Wage Index, Energy Index and a Productivity Extraction component. The fare formula clearly does not allow the PTOs to pass on the cost of financial penalties to commuters through higher fares.

Summary written by AI (learn more)

Gerald Giam asked about the total financial penalties imposed on each public transport operator (PTO) over the last three years and whether these penalties can be included in operational expenses.
Lui Tuck Yew provided specific penalty amounts: SMRT was fined $2.2 million (2011), $0.5 million (2012), and $0.36 million (2013); SBST was fined $0.4 million (2012) and $0.25 million (2013).
The PTOs, as publicly-listed companies, account for all regulatory penalties in their annual reports and income statements.
The Public Transport Council (PTC) does not consider these penalties when determining fare adjustments, as the fare formula is based on macroeconomic indicators and does not allow PTOs to pass penalty costs to commuters.

Questions identified by AI (learn more)

Financial Penalties Imposed on Public Transport Operators | PAPERCUTS

Financial Penalties Imposed on Public Transport Operators

Debated in Parliament on 17 Feb 2014.

Summary written by AI (learn more)

Gerald Giam asked about the total financial penalties imposed on each public transport operator (PTO) over the last three years and whether these penalties can be included in operational expenses.
Lui Tuck Yew provided specific penalty amounts: SMRT was fined $2.2 million (2011), $0.5 million (2012), and $0.36 million (2013); SBST was fined $0.4 million (2012) and $0.25 million (2013).
The PTOs, as publicly-listed companies, account for all regulatory penalties in their annual reports and income statements.
The Public Transport Council (PTC) does not consider these penalties when determining fare adjustments, as the fare formula is based on macroeconomic indicators and does not allow PTOs to pass penalty costs to commuters.

Questions identified by AI (learn more)

Full Transcript

Gerald Giam Yean Song

Lui Tuck Yew

Page: 143

As publicly-listed companies, the public transport operators (PTOs) account for all regulatory penalties in their annual reports and income statements.

Summary written by AI (learn more)

Gerald Giam asked about the total financial penalties imposed on each public transport operator (PTO) over the last three years and whether these penalties can be included in operational expenses.
Lui Tuck Yew provided specific penalty amounts: SMRT was fined $2.2 million (2011), $0.5 million (2012), and $0.36 million (2013); SBST was fined $0.4 million (2012) and $0.25 million (2013).
The PTOs, as publicly-listed companies, account for all regulatory penalties in their annual reports and income statements.
The Public Transport Council (PTC) does not consider these penalties when determining fare adjustments, as the fare formula is based on macroeconomic indicators and does not allow PTOs to pass penalty costs to commuters.

Questions identified by AI (learn more)

Financial Penalties Imposed on Public Transport Operators

Summary

Questions Identified

Full Transcript

Gerald Giam Yean Song

Lui Tuck Yew

Summary

Questions Identified

Financial Penalties Imposed on Public Transport Operators

Summary

Questions Identified

Full Transcript

Gerald Giam Yean Song

Lui Tuck Yew

Summary

Questions Identified