In response to media enquiries about an MTR fare adjustment, the Transport and Housing Bureau said today (March 29) that the existing Fare Adjustment Mechanism (FAM) is open, objective and transparent. Fares are adjusted in accordance with figures released by the Government in order to ensure that the adjustments reflect the economic situation. According to the FAM, MTR fares will be adjusted downwards by 1.7 per cent in late June this year. Based on the established mechanism, since there is a fare reduction this year, fare adjustment rates to be recouped shall be carried forward to next year.
The Government has all along requested the MTR Corporation Limited (MTRCL) to respond to public concerns and offer more fare concessions, taking into account the overall economic environment, market conditions, the MTRCL's operating situation, passenger needs, etc, in addition to adjusting its fares in accordance with the FAM. The Government noted that the MTRCL will offer various additional fare concessions to allow passengers to enjoy an actual fare saving of around 5 per cent for each trip from April 1 this year to January 1 next year.
With a view to further alleviating fare burdens of commuters travelling on different public transport modes, the Government announced earlier that the expiry of the temporary special measure under the Public Transport Fare Subsidy Scheme (i.e. providing a subsidy amounting to one-third of the monthly expenses in excess of $200) would be extended from June 30 till December 31 this year, and that the monthly subsidy cap would be temporarily raised from $400 to $500 during the period from April 1 to December 31 this year.
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