GWANGJU — The new head of state-run railway operator Korea Railroad Corp. (KORAIL) said Thursday that the company’s worsening financial situation will require a fare hike in the future — the first in 15 years — as its debt has surpassed 21 trillion won ($14 billion). KORAIL CEO and President Kim Tae-seung, who took office in March, said at a press conference that current fare levels are insufficient to cover costs for the company’s 30,000 employees and the operation of the country’s high-speed rail system, KTX. “We’re now under a huge financial pressure, especially as we will provide a 10 percent discount and a 5 percent mileage bonus to users of KTX and SRT when we launch our integrated service with SR in September,” Kim said, referring to the country’s other state-run operator of high-speed rail service. “But we’ll first have to earn the public’s consent. The National Assembly and ministries will also have to support us for that.” The financial strain also threatens the company’s plan to replace aging train cars, a costly project. According to Kim, 46 trai
KORAIL chief signals 1st fare hike in 15 years amid mounting debt
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