The current New York City subway fare of $2.50 is not going to be around for much longer, according to NY1.
The Metropolitan Transportation Authority (MTA) is set to hit subway riders with fare increases in 2015 and then again two years later, to meet long-term debt payments and soaring pension and health care costs, forcing the MTA to charge higher prices per ride.
"We need to have regular, predictable fare and toll increases," Robert Foran, the chief financial officer of the MTA, said.
The MTA updated its four-year budget plan, reiterating the previously announced increases. They don't include any raises for the union. As part of the budget, $418 million in improvements to bus and subway services and an additional $11 million for cleaner stations are included.
"You're only as good as your last rush hour," Thomas Prendergast, the MTA Chairman, said. "You're only as good as your last storm.
"But each and every day, the customers measure our experience and how well we're doing," Prendergast continued.
Even though MTA employees won't be happy to go three years without raises, the agency is making a pledge to its riders.
"Our budgets will not include any budget-driven service cuts since those that we had to enact in 2010," Foran said.
Subway riders have been lobbying for service restorations since $93 million in "doomsday cuts" were made to services three years ago.
The budget plan to increase fares every two years has been in place since 2009, but the amount of the fare increase won't be known until closer to 2015.
As expected, commuters aren't happy with the news.
"They keep on going up, the fare," one commuter told NY1. "I don't think it's fair for poor people like me."
Some understood the economics of the increase.
"If the subway's faster and better and cleaner, then I don't mind," a commuter said.
"This is a great service," another commuter told NY1. "If it goes up by a couple of cents, you're getting a better service."
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