Photo: Myriam Tsen-Kung/Coconuts Media
Good thing Octopus cards will be able to store more money soon, because we'll all need that extra dosh when MTR fares go up 2.7 percent this summer... despite MTR Corp making nearly HKD13 billion in profits last year. Cool.
Fares have been increased annually for seven consecutive years, based on an adjustment mechanism which calculates fares based on inflation rates from December, and average wage increases over the previous year.
Since 2007, the fare adjustment mechanism has been scheduled for review every five years, with the last review taking place in 2013.
Last week, the government requested that MTR Corporation review the adjustment mechanism one year before schedule, in response to "public concern about the corporation's profitability and passengers' affordability", according to the SCMP. The company said it would give its response to the request in a few months.
In a statement released yesterday, MTR Corp's CEO, Lincoln Leong, said, "Fares have been maintained at reasonable levels as reflected by the fact that the average annual fare increase is well below the average annual increase in Hong Kong inflation and the Hong Kong Payroll Index [since 2008]."
http://hongkong.coconuts.co/2016/03/30/mtr-prices-set-rise-7th-consecutive-year-despite-hkd13-bil-profit-2015
