The Seoul Metropolitan Government is raising subway and bus fares by 150 won on February 25.
"The price of powering public transportation has increased, with prices for CNG and diesel increasing by 40% while electrical costs have been raised by 24%," the Seoul Government said. "In the last five years, deficits of the city have accumulated to 3.5 trillion won and we had no options but raise the fares."
According to the data presented by the Seoul Government on February 2 during a press conference, 66 bus companies in Seoul had operational deficits of 336.7 billion won last year while the Seoul Metro and Seoul Metropolitan Rapid Transit Corp. together had operational deficits of 574.8 billion won.
Seoul hasn't raised the bus and subway fares for the last four years and ten months. By raising the fares of green, blue, and village buses along with the subway by 150 won, Seoul expects to reduce the deficit by 312.6 billion won.
In addition, name-registered T-money cards will be introduced in June to address complaints that the current unregistered T-money cards are impossible to be found if lost or stolen.
The Incheon Metropolitan Government also announced that it will raise its subway fare by 150 won. The basic fare will be raised to 1,050 won on February 25 if using a transportation card.
The bus fares in Incheon will be raised this June in two consecutive increments of 100 won. (Photo: Yonhap News)
The city decided to raise the fare in two increments of 100 won each, rather than 200 won at once. This coming June, the bus fares in Incheon will be 50 won more expensive than the bus fares in Seoul.
By Jessica Seoyoung Choi
Korea.net Staff Writer