Long-awaited Transport Department policy gets off to a disappointing start
The much-heralded bus fare adjustment mechanism is under fire for failing to deliver on promised fare discounts.
In March, the first full month of operation, fewer than 5 per cent of passenger journeys enjoyed a discount, well below the government's estimate of 25 per cent.
Transport Department statistics showed only 5.4 million journeys attracted a fare discount - just 4.46 per cent of the total 121 million journeys.
This meant the four bus companies offering the discount would lose $4.6 million to $6.5 million in revenue a month, or between $55.2 million and $78.5 million a year.
The March figures were much less than the government and bus companies expected. The government had estimated that up to a quarter of all passenger journeys would benefit from the discount, while Kowloon Motor Bus said the discount would cost the company $60 million a year.