Korail President: "Railfare Increase Is Necessary" [2024 National Audit]

October 11 National Assembly Land, Infrastructure and Transport Committee Audit

Han Moon-hee, President of Korea Railroad Corporation, is responding to a lawmaker's question at the National Assembly Land, Infrastructure and Transport Committee's audit. Photo by Hyunmin Kim kimhyun81@

Han Moon-hee, President of Korea Railroad Corporation (KORAIL), stated that "an increase in railway fares is necessary."

On the 11th, during the National Assembly Land, Infrastructure and Transport Committee's audit held at the Daejeon KORAIL headquarters, when Rep. Han Jun-ho of the Democratic Party asked, "Are there any measures to resolve the debt issue?" President Han responded accordingly.

President Han explained, "The debt is expected to reach nearly 21 trillion won this year," adding, "Since railway fares have been frozen for 13 years, a fare increase is necessary. Raising fares is expected to temporarily help improve finances."

He also added, "In the long term, there is a way to reduce the total debt through station area development such as Yongsan Station."

The KTX fares operated by KORAIL have remained unchanged for 13 years since a 4.9% increase in 2011. As of last year, KORAIL's debt totaled 20.4 trillion won.

Lee Jong-guk, President of SR, also said at the audit that when Rep. Lee Yeon-hee of the Democratic Party asked if there were plans to raise fares, "There are no internal plans yet," but added, "There seem to be factors that could lead to a fare increase."