The Seoul Metropolitan Government will raise public transportation fares by 150 won ($ 0.13) later this month to make up for rising deficits from energy costs and transfer fee discounts, officials said Wednesday.
A passenger pays subway fare with a transit card in Seoul on Monday. (Yonhap News)
The city government finalized its decision to raise bus and subway fares from 900 won to 1,150 won (price for adults using transit cards) starting Feb. 25, while freezing prices for students and children, according to officials.
It marks the first time in nearly five years public transportation fees will be increased.
“The fare hike is inevitable for the city government facing rising deficits in operating public transportation,” Seoul Mayor Park Won-soon told reporters.
Seoul’s cumulative deficit regarding the public transportation system has amounted to 3.51 trillion won ($ 3.1 billion) since
2007 when the current fare level was set and transfer fee discounts were adopted, officials said.
“To make up for the mounting losses, we will push for innovating management of the public firms in charge of the public transportation, while devising diverse cost-cutting measures,” said Yoon Joon-byung, the head of Seoul’s transportation system.
“We will also actively seek the central government’s support to allow the elderly to ride for free and speed up the renovation of old facilities.” (Yonhap News)
