The following is issued on behalf of the Transport Advisory Committee:
The Transport Advisory Committee (TAC) discussed today (November 28) the review of the Fare Adjustment Mechanism (FAM) of the MTR Corporation Limited (MTRCL) and the application for fare increases by The "Star" Ferry Company, Limited (Star Ferry) for the Central - Tsim Sha Tsui and Wan Chai - Tsim Sha Tsui routes.
The TAC Chairman, Professor Stephen Cheung, said, "Members understood the merits for adopting an objective, transparent and direct-drive formula in adjusting MTR fares, and noted that the two previous FAM reviews have introduced multiple measures to reduce the fare burden on railway passengers, while addressing the need of the MTRCL to reserve sufficient resources to maintain and upkeep the railway system. However, members also agreed that there is room for the FAM to better respond to public concerns on the relationship between fare adjustments and the MTRCL's profitability and service performance."
Members of the TAC have offered views to the Government on the existing FAM as well as factors that should be taken into account during the review.
"We hope that the Government would seriously consider the views of the TAC and those collected during the public consultation exercise, so as to achieve, through its negotiation with the MTRCL, a review outcome that could balance the views from various parties for implementation starting from the fare adjustment exercise in 2023," Professor Cheung added.
In addition, the TAC discussed the fare increase application of Star Ferry. Professor Stephen Cheung said, "Members noted the operation and financial performance of the Star Ferry. In deliberating the Star Ferry's application, members have considered and balanced all relevant factors, including the long-term financial viability of the two franchised ferry routes and public acceptability."
The TAC will submit its recommendation to the Government for consideration by the Chief Executive-in-Council.
Ends/Monday, November 28, 2022
Issued at HKT 17:00