The government and the MTR are reviewing the fare adjustment mechanism. Several members of the Legislative Council expressed their dissatisfaction with the MTR’s annual fare increase after recording huge profits at the Transport Panel today (25th), and requested that a profit factor be added to the mechanism.
Yang Yongjie criticized MTR for "making more money, making more money, and adding more money", which is close to an oligopoly, and the fare adjustment mechanism has obviously failed.
He said that as long as the MTR makes money, it should share the profits with the public. He also suggested that once the inflation rate exceeds 4%, the fare cannot be increased.
Huang Peiwen, Deputy Secretary-General of the Transport and Logistics Bureau, said that it will review how to reflect the profit element in the mechanism equation.
Yang Meizhen, Director of Passenger Services of MTR, pointed out that the fare adjustment mechanism has played a certain role in the past 6 years. There was no adjustment in 4 years, and the fare was reduced in 1 year. I hope everyone can see the benefits of the mechanism.
Members advocate that the MTR cannot increase fares if the inflation rate exceeds 4%
Deng Jiabiao of the Federation of Trade Unions stated that the bus company and the Star Ferry applied for fare increases because they lost money, but the MTR "automatic wave" increases the fare every year: "Since the listing of the MTR, more than half of the years have earned more than 10 billion, and the Star Ferry has not even 1 million. I can’t make money, so I’m going to apply for a fare increase.” He said that in the past five years, the MTR has earned an average of 9.6 billion yuan a year. Even in 2019 and 20 years, the profit was close to 10 billion yuan and more than 5 billion yuan respectively. He urged the authorities to When formulating the fare adjustment equation, include the profitability factor.
Zhang Xinyu, Hong Kong New Direction, said that some front-line employees reported that there is a serious shortage of MTR train maintenance manpower, and some positions are vacant by 10% to 20%. They also questioned that some departments have left some positions vacant in order to save costs. The results are reflected in service performance.
He mentioned that the Legislative Council only followed up on individual incidents of the MTR, and could not understand the overall performance of the MTR.
Zhou Xiaosong: The government will receive 40 billion MTR dividends and transportation subsidies in 5 years should be normalized
Zhou Xiaosong of the Labor Federation said that the MTR is still raising fares every year after "making a lot of money", which is difficult for the public to understand. He also pointed out that the government has earned nearly 40 billion yuan in dividends from the MTR in the past five years. Lower funding thresholds.
He criticized the "capping" mechanism of fare increases for "uh citizens", because the remaining increases will be accumulated and added later. He believes that if the public cannot afford it, it should be cancelled, and there should be no mechanism for additional increases.
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