Seoul Subway fare increase review up to 500 won

(1)If there is no government support from Oh Se-hoon, subway fares will be raised
(2)Consider raising by up to 500 won
(3)Font size change AB
(4)Of the net loss of KRW 964.4 billion for the current construction period in 2021,
(5)Free transportation ratio 278.4 billion won
(6)Consider raising rates without government support
(7)Reviewing a 250-500 won increase

(1)This is the first time Mayor Oh Se-hoon has officially mentioned the possibility of raising subway fares
(2)The Seoul Metropolitan Transportation Corporation says it needs to raise the fare by around 250 to 500 won
(3)According to the corporation on the 19th, the estimated shortage of funds is △ 336.9 billion won in 2019 △ 987.2 billion won in 2020 △ 1.5991 trillion won in 2021
(4)In particular, due to the influence of COVID-19, the net loss for the current term soared by 90 percent from 586.5 billion won in 2019 to 1.1137 trillion won in 2020
(5)Last year, it recorded 964.4 billion won, of which free transportation accounted for 30 billion won, reaching 278.4 billion won
(6)In this regard, Mayor Oh Se-hoon said, “The deficit in the construction subway has grown too much,” adding, “If the government decides not to help, we have no choice but to consider raising the fare.”

(1)Korail received a compensation of 158.8 billion won in 2019 alone
(2)The city believes that the government should compensate for the cost of construction losses as free transportation was introduced on urban railways in 1984 in accordance with the government’s policy
(3)On the 24th of last month, the National Assembly’s Land, Infrastructure and Transport Committee voted 756.4 billion won to reflect additional compensation for the loss of urban railroads by local governments in the budget next year
(4)However, it remains to be seen whether the plenary session will be passed as the ruling and opposition parties continue to confront each other over next year’s budget bill
(5)The basic subway fare in Seoul has been frozen for eight years since it rose from 1,050 won to 1,250 won in 2015
(6)The corporation believes that raising the fee by 100 won will improve the deficit by 100 billion won to 150 billion won, and the Ministry of Civil Affairs
(7)Considering the wall, we are asking for a rate increase of about 250 to 500 won