COST OF LIVING/Taiwan railway fares to rise for 1st time since 1995 in late June

Taipei, April 7 (CNA) Taiwan Railway Corp. is set to raise ticket prices for the first time in 30 years in late June, according to the acting chair of the state-owned company.

During a regular hearing on Monday, Wu Sheng-yuan (伍勝園) confirmed that the average fare increase of 26.8 percent has been reviewed by the Cabinet and will take effect on June 23, although the company has not yet formally announced the new prices.

The corporation is required to announce the fare changes at least one month before they take effect.

According to data previously released by Taiwan Railway, which was officially corporatized on Jan. 1, 2024, the rate of increase will taper off with distance traveled, meaning long-distance trips will see relatively smaller fare hikes.

For example, the fare for a Tze-Chiang express train ride from Taipei to Kaohsiung will increase from NT$824 (US$24.88) to NT$975 -- an 18.33 percent rise -- while a ticket on the same train between Taipei to Taichung will rise 33.6 percent from NT$375 to NT$501.

The fare adjustment was approved by the company's board of directors in early February in a bid to reduce its deficit.

In 2024, the firm recorded a deficit of NT$13.79 billion, including around NT$10.1 billion from railway operations.

The new fares are expected to boost the company's annual revenue by over NT$4 billion.