Tan Kin Lian - Perspectives Shocking price increases
Since the election of the new president on 1 September, the ordinary people have seen shocking price increases in less than a month.

Public transport fares will increase by 7%, postage will jump by 60% and water bills will jump 18%.
The COE price for the open category jumped to $144,640. This is the amount to be paid just for the permit to buy a car.

Families which need to use a car will find it more costly. The cost of taxis and private transport will increase further.

The increase of 1% in the GST rate, scheduled for 1 January 2024, will trigger another round of increase in food, service and other prices. In most cases, the increases will be much larger than the actual increase in GST.

These price increases are insane. They are getting out of control. They will add a large burden on ordinary people who are struggling to meet the higher cost of living on stagnant incomes.

There is no need for the government to pass all of the higher costs to the people. Some of these increases can be subsidized by the past reserves as a temporary measure. If the costs remain high, the increase can be made over as longer period of time, to lessen the impact.

The subsidy will make a small impact on the reserves. There is no need to continue adding to the reserves when the ordinary people are suffering from high taxes and high cost of living.

This is what the reserves are for. They are to be used under exceptionally circumstances. The government and the president must step forward to make the right judgment. The people are calling on them to act now.

Tan Kin Lian

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