The hike is expected to defray the higher costs attributable to the implementation of the Platform Workers Act, effective Jan 1, 2025, DBS points out. Under the act, the main additional costs for platform operators would be the mandatory employer Central Provident Fund (CPF) contribution for workers.
Analysts at DBS Group Research are keeping “buy” on ComfortDelGro (SGX:C52
) (CDG) with a target price of $1.80 following the announcement for an industry-wide increase in platform fees effective Jan 1, 2025.
The four main Singapore ride-hailing operators — CDG, Grab, Gojek and Tada have announced increase in platform fees, which ranges from 20 cents to 50 cents. CDG will be increasing its Zig app booking platform fee from a flat 70 cents to $1-$1.20, based on travel distance and travel time.
