Hong Kong on Tuesday launched a three-month public consultation to review the fare adjustment mechanism of MTR Co Ltd (MTRCL).
Since the rail merger in December 2007, MTRCL has put in place the mechanism which adopts an objective, transparent and direct-drive formulaic approach, thereby replacing the fare autonomy enjoyed previously, a statement released Tuesday read.
The government is now conducting the latest review on the mechanism with MTRCL, intending to complete the assessment in the first quarter of 2023 and put it into effect.
The mechanism is subject to review every five years. The outcome of the first review was announced in 2013, and the second review was brought forward a year and completed in 2017 as requested by the government.
"In this review, the government is looking for a feasible and pragmatic approach for the mechanism to maintain the financial prudence of the MTRCL as a listed company, in order for it to take forward railway projects that address the development needs of society, as well as to cope with its increasing expenditure on maintaining the railway system, while enabling the MTRCL to better respond to public concerns on fare adjustments," a government spokesman said.
From today until December 19 (Monday), the public can send their views on the review of the mechanism in the following ways.
- By post: addressed to the Bus and Railway Branch of the Transport Department, 16/F, South Tower, West Kowloon Government Offices, 11 Hoi Ting Road, Yau Ma Tei, Kowloon; or
- By fax: 2802 2679; or
- By email: fam-review2022@td.gov.hk
The government is now conducting the latest review on the mechanism with MTRCL, intending to complete the assessment in the first quarter of 2023 and put it into effect.
The mechanism is subject to review every five years. The outcome of the first review was announced in 2013, and the second review was brought forward a year and completed in 2017 as requested by the government.
"In this review, the government is looking for a feasible and pragmatic approach for the mechanism to maintain the financial prudence of the MTRCL as a listed company, in order for it to take forward railway projects that address the development needs of society, as well as to cope with its increasing expenditure on maintaining the railway system, while enabling the MTRCL to better respond to public concerns on fare adjustments," a government spokesman said.
From today until December 19 (Monday), the public can send their views on the review of the mechanism in the following ways.
- By post: addressed to the Bus and Railway Branch of the Transport Department, 16/F, South Tower, West Kowloon Government Offices, 11 Hoi Ting Road, Yau Ma Tei, Kowloon; or
- By fax: 2802 2679; or
- By email: fam-review2022@td.gov.hk