KMB fare increases approved by ExCo
The Governor-in-Council today (Tuesday) approved a 2.7 per cent fare increase for the Kowloon and New Territories local routes of Kowloon Motor Bus Company (1933) Limited (KMB) to take effect on April 4.
A government spokesman said: "KMB last increased the fares on its local routes in April 1995 by eight per cent. The increase of 2.7 per cent is well below the inflation rate of 7.1 per cent since the last fare increase.
"With this decision, about eight per cent of KMB's passengers on local routes would not face any fare increase, whilst about 91 per cent of them would pay only 10 cents to 20 cents more per trip.
"The fare increase would give KMB an incentive to continue to invest and improve its services."
KMB's cross-harbour bus fares were increased by 10 per cent on March 3.
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Membership of MPF Advisory Board announced
An advisory board has been formed to advise the Government on policy issues in connection with the Mandatory Provident Fund (MPF).
The Government today (Tuesday) announced the appointment of Executive Councillor and banker, Mr Vincent Cheng as Chairman of the Advisory Board, accountant Mr Marvin Cheung as Vice-Chairman. and the Secretary for Financial Services, the Secretary for Education and Manpower and the Chief Executive, Hong Kong Monetary Authority as ex-officio members.
A Government spokesman said that the Advisory Board which comprised experts with relevant backgrounds would make recommendations on policy issues relating to the MPF and oversee the development of the system.
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