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Seoul Subway Loses 781 Won Per Passenger¡¦ Financial Limits Reached Due to Free Rides and Soaring Electricity Bills
[Seoul/CTN] Reporter Geum-hyun Ga= Seoul Metro, the operator of Seoul Subway Lines 1 to 8, is facing a severe structural financial crisis, losing money on every single passenger it carries.
According to Seoul Metro (CEO Tae-kyun Kim), it cost an average of 1,817 won to transport one passenger last year, while the actual average fare collected was only 1,036 won. This resulted in a deficit of 781 won per passenger. The fare paid by passengers covers only 57% (cost recovery rate) of the actual transport cost, meaning the subway recovers only about half of its operating expenses.
¡Þ Disparity by Subway Lines: Line 6 Records Highest Transport Cost The total transport cost per passenger, which includes labor costs, depreciation, and utility bills like electricity, stood at 1,817 won last year. By line, Line 2—which handles the highest volume of passengers—had the lowest transport cost at 1,374 won. Conversely, Line 6 recorded the highest cost at 2,343 won per passenger due to lower traffic.
Meanwhile, the average fare per passenger was 1,036 won. Despite a 1.6% increase in ridership (up by 27 million passengers) compared to 2024 and a base fare hike of 150 won, the average fare rose by a mere 38 won. This was far from enough to close the gap with the high transport costs. The corporation's cost recovery rate has remained stagnant in the 50% range for five consecutive years since recording 50.2% in 2021.
¡Þ Snowballing Public Service Deficit Driven by Free Rides Behind this chronic deficit lies a structural issue: the provision of Public Service Obligations (PSO), such as free rides for the elderly and disabled, and bus transfer discounts mandated by national welfare policies. Last year, Seoul Metro posted a massive net loss of 826.8 billion won, with total revenues at 2.3728 trillion won and total expenses at 3.1996 trillion won. Notably, the cost of public services borne entirely by the corporation reached 816.7 billion won, almost identical to its total net loss.
Free rides accounted for the largest share of the public service losses, costing a whopping 448.8 billion won. This was followed by bus transfer discounts (290.7 billion won) and commuter passes (77.2 billion won). Losses from free rides have surged by approximately 70% over the past five years—up from 264.3 billion won in 2020—and are projected to grow exponentially due to South Korea's rapidly aging population.
Seoul Metro's free ride deficit is the largest among the six urban railway operators nationwide, accounting for more than half of the total national loss of 775.4 billion won. However, unlike other regional operators, Seoul Metro bears the entire financial burden without separate subsidies from the central government. Experts point out that the corporation has reached its financial limit despite painful self-rescue measures, including selling real estate assets, reducing labor costs, and cracking down on fare evasion.
¡Þ Double Whammy: Aging Infrastructure Reinvestment and Rising Utility Costs To make matters worse, the corporation faces a double whammy of mandatory safety reinvestments for aging facilities—some operating for over 50 years—and skyrocketing electricity rates. Seoul Metro must continuously invest between 700 billion and 900 billion won annually from 2025 to 2029 for safety upgrades. Furthermore, due to seven consecutive electricity rate hikes since April 2022, the corporation's electricity bill has jumped by 60% (100.5 billion won) compared to 2021.
"Since free rides are a public interest service implemented under national policy, the central government needs to take a responsible stance on the resulting social costs," said Young-hee Han, Head of the Planning & Coordination Headquarters at Seoul Metro. She strongly urged, "To guarantee citizens' right to mobility and ensure the sustainable operation of public transportation, a government subsidy plan for free ride losses must be established immediately."
#½ºÆ÷Ã÷ #CTN #¼­¿ï±³Åë°ø»ç #ÁöÇÏöÀûÀÚ #¹«ÀÓ¼ö¼Û #¼ö¼Û¿ø°¡ #´ç±â¼ø¼Õ½Ç #ÁöÇÏö¿ä±Ý #°¡±ÝÇö±âÀÚ #´ëÁß±³ÅëÁ¤ºÎÁö¿ø
°¡±ÝÇö ±âÀÚ ggh7000@hanmail.net
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#Sports #CTN #SeoulMetro #SubwayDeficit #FreeRides #TransportCost #NetLoss #SubwayFare #ReporterGaGeumHyun #GovernmentSubsidy
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