I think this whole reason for the fare hikes is symptomatic of a lot of other issues, for example, the lack of government investment in the public transport system in Singapore.
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An alternative to penalising labour
Donaldson Tan suggests a recession insurance for non-financial firms. Firms are not going to stop retrenching workers whom they deem as excess manpower regardless of wage subsidy schemes. Instead, the fiscal policy for saving jobs ought to be targeting firms that face difficulty in raising short-term credit.
