FTU calls for change in way MTR fares are set
The Federation of Trade Unions (FTU) has called for profits from the MTR Corporation's property ventures to be taken into account when the fares are set for its train services. Currently, it relates to revenue and expenses of the company's railway operations. But the FTU noted on Wednesday that much of the corporation's multi-billion dollar profits in recent years came from its property portfolio and was therefore disregarded. “We need the fare adjustment mechanism to fully reflect the profitability of the MTR Corporation. So when they earn say over HK$10 billion in profit, they are not allowed to make a fare rise,” said FTU lawmaker Joephy Chan. “We also suggest that for a certain amount of profit they make, they should make a fare deduction. Say, for HK$5 billion profit they make, there should be a one percent fare deduction.” The government and the MTRC are currently conducting a review of the fare adjustment mechanism.