Chitchat More cabbies leaving the job amid stiff competition

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An honorable member of the Coffee Shop Has Just Posted the Following:

More cabbies are throwing in the towel and exiting the taxi trade, underscoring the stiff competition they are facing from private-hire services like Uber and Grab.

More than 1,620 taxis are now sitting idle in the yards of taxi companies, up from 1,190. This, even as the total fleet of taxis in Singapore has shrunk, from 28,300 at the end of 2015 to 27,500 currently.

The rise in the number of unhired taxis has prompted a second operator to slash rentals. Premier, with over 1,900 cabs, has cut its net rentals to mostly below $100 a day, a spokesman told The Straits Times.

In doing so, it follows in the footsteps of Trans-Cab, the second biggest operator here with 4,500 taxis, which has cut rental fees by between 22 per cent and 34 per cent for drivers hiring without a relief.

There are about 25,000 Uber and Grab cars here. While private-hire operators also have unhired cars - nearly 1,000 as The Sunday Times reported yesterday - this is a matter of the market needing to reach equilibrium point, said Dr Park.

http://news.asiaone.com/news/singapo...ff-competition


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