TAIPEI (Taiwan News) — The Taiwan Railways Administration (TRA) will consider increasing fares as losses are expected to balloon to NT$3.24 billion (US$113 million) next year — an increase of 17.54 percent, reports said Thursday (Oct. 22).
According to a report presented to the Legislative Yuan, the TRA's budget for 2021 is expected to be approximately NT$33.6 billion, while profits should reach NT$30.3 billion, CNA reported. The projections mean that losses will rise from the NT$2.75 billion listed for 2020 to NT$3.24 billion next year, officials said.
Possible solutions to stem growing losses include a study to examine the possibility of adapting fair ticket prices, changes to the subsidy system for less frequented stations and railway lines, as well as cost-cutting measures, improving quality of facilities, and introducing more sustainable management.
The yearly losses were due to a variety of reasons, including retirement payments, the management of small stations, and natural disasters, TRA told lawmakers.