Jeong Wang-guk, CEO of SR Co., said, "We judge that Sept. 1 will be a broadly feasible date for completing the integration with Korea Railroad Corporation (KORAIL)."
Jeong said this at a press briefing held near the Government Sejong Complex on the 14th, noting, "As the head of a public corporation, it is my duty to respond to the government's roadmap." Earlier, President Lee Jae-myung pledged to integrate the high-speed rail system, which is split between Korea Railroad Corporation (KORAIL), which operates KTX, and SR Co., which operates SRT, to increase the number of runs.
On fares for the integrated high-speed rail, Jeong said, "What is being discussed at the labor-management-government consultative body is that after integration, KTX will discount fares by 10%." Currently, KTX fares are about 10% higher than SRT's, and if the two companies are integrated, fares may be aligned to the SRT level. Jeong said, "KTX has mileage (5% for standard class at the time of booking)," adding, "SRT mileage is under review (SRT currently has no mileage accrual program)."
Jeong said, "The (integration) method will be a business transfer and acquisition," adding, "At the time of integration, the first priority is safety, the second is safety, and the third is safety." Asked what name will be used after integration, Jeong said, "Whether to merge under either the KTX or SRT brand, or to create a new integrated brand, will be discussed after the integration method is finalized."
Jeong said, "Much has been accomplished in the first, second and third rounds of the labor-management-government consultative body," adding, "We are planning a fourth round of talks." Jeong also said, "We have a goal that employees' status, pay and benefits must not fall or change from existing levels."