The University of California, Berkeley published a transportation research report, stating that Hong Kong's public transportation system is ranked first in the world, thanks to its huge railway network, high station density and convenient location, which are sufficient to meet the travel needs of a large population.
The MTR fare adjustment mechanism, which is reviewed every five years, has already launched a three-month public consultation to seek feasible and practical solutions to meet the needs of social development and promote railway projects.
But how much do citizens know about the calculation of the adjustment mechanism and the usefulness of ticket revenue?
Fare capping mechanism to balance ticketing and reduce burden
MTR ticket prices have changed according to the mechanism for many years. The fare adjustment is calculated based on a transparent, objective and open formula. The adjustment is adjusted every year according to the wage index, the median monthly household income and the comprehensive consumer price index. A capping mechanism is set up to make the fare Prices can increase and decrease, effectively balancing ticket revenue and citizens' affordability.
Comparing the affordability of underground railway fares in 10 major cities, Hong Kong ranks the second lowest, making travel more convenient for citizens.
According to the mechanism, MTR fares depend on changes in the Composite Consumer Price Index and the wage index of the transportation industry to calculate the increase or decrease. There is also a capping mechanism to ensure that citizens will not bear excessive fares.
Seemingly small numbers are actually hundreds of millions
It is worth mentioning that many proposals for MTR to reduce the annual toll by a percentage, one or two percent is not a big amount.
Xu Lianghua, Chief Financial Officer of the MTR Corporation, said that the percentage reduction may not seem like much, but it is actually hundreds of millions. For example, if the fare is reduced by 0.5% in the coming year, it is equivalent to giving up nearly 100 million yuan of fare income in a normal year. , At least about 3 billion yuan in 30 years, which is equivalent to the cost of purchasing 42 new trains.
Xu Lianghua, Chief Financial Officer of MTR Corporation
In addition, MTR has been providing fare concessions to different groups of passengers in the community, including the elderly, children, eligible students and people with disabilities.
Various discounts have also been launched for different travel habits, such as MTR metropolitan tickets, monthly pass enhancements, morning discounts, etc., for every 10 passengers, 7 passengers can enjoy fare discounts, helping citizens relieve their traffic burden.
MTR fare adjustments are calculated based on transparent, objective and open formulas.
MTR continues to upgrade and improve station facilities
The MTR, which has always been responsible for its own profits and losses, relies entirely on ticket sales for its daily operations and has no government subsidies.
Serving Hong Kong people for more than 40 years, the railway network has entered a mature stage. In the past five years, MTR has invested a lot of resources in repairing, updating and upgrading station facilities. 60 toilets and smart toilets, 14 nursery rooms, adding more than 2,000 seats for rest, refurbishing more than 130 escalators, and replacing more than 25 elevators, etc. The improvement project will help provide passengers with safer and more Many passengers also benefited from the comfortable environment.
In the past five years, MTR has invested a lot of resources in repairing, updating and upgrading station facilities, including the addition of 14 nursery rooms, 60 toilets and smart toilets along the entire line.
In the past five years, the MTR has invested about HK$200 million in cooperating with different transportation operators to tailor a variety of fare discounts for passengers living in different regions and with different travel habits.
These include interchange discounts for more than 500 designated green minibuses (covering more than 90% of the routes), reducing travel expenses for citizens.
(Information provided by customer)