TAIPEI (Taiwan News) – Taiwan Railway Corporation will consider raising fares for the first time in 30 years after NT$13.79 billion (US$417.60 million) in record losses last year.
Reports said Tuesday that 2024 marked the first year Taiwan’s main rail system operated as a state-run corporation rather than a government agency. Expected ticket revenue was not reached due to the April 3 Hualien earthquake, while staff bonuses expanded losses, the company said.
Taiwan Railway had initially predicted a loss for 2024 of at least NT$7.4 billion, but in December it raised that projection to NT$12 billion, per CNA. While ticket revenue had been estimated at NT$18.5 billion, it only reached 17.4 billion.
The company also blamed its record losses on NT$2.3 billion spent on a new employee welfare system. Staff had increased from 13,800 in 2017 to 15,900 in 2023, causing a NT$16.8 billion rise in personnel expenses.
The company board will meet Wednesday to discuss the possible fare hike. The official plan for 2025 is to decrease losses to NT$8.69 billion, the first time in at least four years they would not exceed NT$10 billion.
The company hopes ticket sale revenue will total NT$18.97 billion during the year.
