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.
The city government finalized its decision to raise bus and subway fares from 900 won (price for adults using transit cards) to 1,050 won starting Feb. 25, while freezing prices for students and children, according to officials.
The fares for those who do not use transit cards will be raised from 1,000 won to 1,150 won.
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."
Along with its plan for fare hikes, the municipal government also announced measures to improve the public transportation system.
To ensure public safety, the city plans to install a total of 7,256 surveillance cameras in and around subway stations by 2014 and increase the number of security personnel in charge of patrolling the stations by over 80 percent to 171 guards, officials said.
The city government also vowed to set up additional bus stops near subway stations for transit convenience, while devising ways to improve lighting and air quality inside buses.
"We also plan to complete ongoing projects to improve bus stops by September," city official Yoon said. "As part of the project with a 117 billion won budget, the city's 5,715 bus stops are to be equipped with a standard bus stand and a board displaying the real-time location information of buses."(Yonhap)