Although President Yoon Suk-yeol’s announcement last week that the government will freeze public utility fees for the first half of the year forced the Seoul city government to postpone its plan to raise metro fares by the end of April, public debate about the possibility of the fares rising has not abated. The policy of providing free subway rides to senior citizens was introduced in 1984 when only 4% of the country’s population was 65 years or older.

However, South Korea is one of the fastest-aging societies in the world, with its senior citizens comprising about 17.5% of the population in 2022. That figure is forecast to reach 30% by 2035 and 46.4% by 2070. Seoul Metro has recorded a net loss of around $771 million (1 trillion won) annually since 2020. Seoul Mayor Oh Se-hoon said one of the plans under discussion to reduce Seoul Metro’s deficit was the possibility of cutting the free-ride benefit for seniors.