Cab drivers took home up to 30 per cent more in earnings since the recent fare hike last December, reported The Straits Times.
ComfortDelGro, one of the largest taxi operators in Singapore with about 15,600 taxis, said that the average net income per cab per day rose by up to 12 per cent to $210.93.
This is up from $188.69 in November - before the fare increase - and excludes expenses such as rental and diesel which the drivers have to bear.
The increase amounts to a monthly income of $5,906, based on 28 days, or about $2,953 per driver per shift, reported the newspaper.
ComfortDelGro spokesman Tammy Tan said that the company saw a steady rise in net income from November 2011 to March 2012.
Trans-Cab, which is the second largest operator with about 4,400 taxis, told The Straits Times that its drivers also saw a 20 to 30 per cent increase in earnings.
Cabbies who are on a single shift - meaning those without relief drivers - earn about $3,200 a month now, while those who are a cab with a relief driver earn an average of $2,500 to $2,800 a month, said Trans-Cab general manager Jasmine Tan.
Third biggest operator with about 3,200 cabs, SMRT Corp, declined to comment, citing privacy of drivers.
Changes in taxi fares were introduced last December. This includes an increase by 20 cents in flagdown fare, advance booking charges were raised from $5.20 to $8, and peak periods were extended.
Due to the changes, a typical cab ride during the peak period rose by about 30 per cent, causing an initial decrease in passenger numbers.
Cabbies had lamented that business had dropped by as much as 30 per cent within the first couple of week.
However, Trans-Cab cabby Joseph Ho, 52, said that 'people have accepted the fare increase' and demand has stabilised since.
Although he did not reveal how much he is making now, he said that it is easier to get customers now, even during peak hours.
"Not everybody will see the same increase in earnings.
"It depends on the individual driver. In this job, you must love driving, and you must be hard-working," said Mr Ho.
Comfort cab driver Tony Pang, 62, told The Straits Times that the fare adjustment had helped him a lot.
"Life is better now. Our takings have generally gone up...but just by 5 to 10 per cent."
However, industry observers noted that if operating costs continue to rise, the gains from the improved earnings might eventually be eroded.
Diesel pump price has climbed by close to 10 per cent from a year ago to $1.74 a litre before discount today.
Taxi companies are also replacing ageing cabs with bigger and more luxurious models which command higher rentals.
Such costs will have an impact on a cabby's earnings, noted industry observers.