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The primary principle behind the COE scheme is to control the number of cars on the road. Its purpose is NOT to allow more people to own cars or have a “fair” distribution of car ownership across various social strata.
There’s talk about reducing COE premiums and reducing the income gap. IMHO, a wider income gap may be necessary to ensure a proper stratification of society. Imagine a narrow income gap where everyone is rich. So who is going to do the labour-intensive and lower paying jobs? Foreign workers? And then we complain about the influx of foreign workers and immigrants into Singapore. Moreover, everyone being rich means that everyone will be able to afford a car… which leads to congestion and increasing COE premiums again. So you see, it’s a viscous cycle.
Perhaps we SHOULD allow the well-off own cars, so that they can get to work faster/easier and make more money, and can pay their workers higher wages.
Anyway, this is just my personal opinion. No offense intended.
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