Price Increase of 150 Won After 1 Year and 8 Months
In June, the base fare for the Seoul Metropolitan Subway is expected to increase from 1,400 won to 1,550 won, marking a 150 won rise. This follows the approval of a proposal by the Gyeonggi Provincial Council on the 15th of last month to raise urban rail fares by 150 won. The administrative procedures will be completed once it passes the Gyeonggi Consumer Policy Committee.
With the Gyeonggi Provincial Council’s review concluding, the Seoul Metropolitan Government’s objective of implementing the fare increase within the first half of the year is becoming a reality. The exact date of the fare increase will be finalized through discussions among relevant parties, including Seoul, Gyeonggi Province, Incheon, and KORAIL. A Seoul official mentioned that T-money, which manages the fare system, will require about two months to update the system, leading to a likely fare increase in June. Once implemented, the fare adjustment will apply across all sections of the metropolitan rail network, encompassing Seoul, Incheon, Gyeonggi, and KORAIL.
Initially, there were concerns that the fare hike might be postponed to the latter half of the year due to the early presidential election phase. However, a decision was made not to delay further, considering the severe financial deficit faced by Seoul Metro. As of the end of last year, Seoul Metro’s cumulative deficit reached approximately 18.9 trillion won, with a net loss of 7.241 billion won. Its debt stands at 7.3 trillion won, with daily interest costs exceeding 300 million won.
Previously, Seoul had announced plans to implement an additional fare increase in the first half of this year. The city raised bus fares by 300 won (from 1,200 won to 1,500 won) in August 2023 and subway fares by 150 won (from 1,250 won to 1,400 won) in October 2023. Although there was an initial plan to raise subway fares by an additional 150 won in 2024, the increase was not implemented in line with the government’s policy to stabilize prices.