Seoul Metro said on Tuesday that it has decided to raise the base fare from 1,400 won to 1,550 won in the first half of this year.
The hike was much anticipated, as the Seoul Metropolitan Government tried to raise fares last year but postponed the move amid the prolonged economic downturn.
The impending hike, which could take effect as early as March, comes about two years after 2023, when the fare was raised from 1,250 to the current 1,400 won.
A Seoul City official explained, "Due to the subway operator's mounting deficits, we decided that we could no longer delay the hike after discussions with relevant agencies."
Some attribute its massive deficits and debts to the free rides provided to senior citizens aged 65 and older. Anyone over 65 is currently eligible for free subway rides and discounts on rail tickets since 1981, but the city is now considering raising the age for these benefits amid an aging society.
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