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The MTR Corporation Limited (MTRCL) today (April 29) announced that the overall fare adjustment rate for MTR fares in 2016 will be revised to +2.65 per cent, which is 0.05 percentage points lower than that of +2.7 per cent announced in March this year. The Government welcomes this adjustment.
The MTRCL's revision to the fare adjustment rate is made in light of the latest findings of the 2014/15 Household Expenditure Survey and the rebased year-on-year change in Composite Consumer Price Index (CCPI) in December last year, as adjusted by the Census and Statistics Department as a result of the survey findings. This is a technical adjustment. The MTR's fare adjustment is still made in accordance with the fare adjustment mechanism.
According to the fare adjustment mechanism, the annual overall fare adjustment rate is calculated according to the following direct-drive formula:
Overall fare adjustment rate
= (0.5 x change in CCPI in December of the previous year)
+ (0.5 x change in Nominal Wage Index (Transportation Section) in December of the previous year)
– Productivity Factor (value set at 0.6 per cent from 2013 to 2017)
Ends/Friday, April 29, 2016
Issued at HKT 18:27
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