Hong Kong’s rail giant has announced it will keep fares unchanged for the coming year after an annual review, marking the second year without any increase.
“The corporation will continue to offer ongoing fare concessions, covering the elderly, children, eligible students and persons with disabilities … benefiting more than 600 million passenger trips,” the MTR Corporation said.
“The total value of these concessions exceeded HK$3.2 billion [US$409 million] last year.”
The fare freeze was the result of the so-called direct-drive formula under the fare adjustment mechanism, which takes into account factors such as inflation, wages in the transport sector and median monthly household incomes.
Under an operating agreement with the government, the mechanism has been in place since 2007, when the company merged with the Kowloon-Canton Railway Corporation.
MTR Corp Hong Kong transport services director Wilson Kwong Wing-tsuen said: “The [mechanism] provides an objective and transparent formula for [the] MTR’s annual fare review, fully taking into account the prevailing socio‑economic conditions and the public’s affordability.
