New Yorkers better start saving their spare change.
The MTA on Wednesday announced the two final proposals for a 2017 fare hike — which would both jack up the cost of the monthly and weekly MetroCards.
The plans also affect the pay-per-ride cards, either by keeping the base fare and reducing the multi-ride discounts or raising the base with a more generous bonus.
Agency officials said that both plans were devised to help lower income riders by making well-heeled straphangers foot a bigger share of the bill.
“We want to make this more affordable to those who need it most,” said MTA chief financial officer Robert Foran. “The biggest media used by those making more than $75,000 a year are the pay-per-ride.”
The MTA will hold eight public hearings on the proposed fare increases between Dec. 5 and Dec. 20 — and will vote during the January board meeting.
In one scenario, the base fare will jump from $2.75 to $3, a 9 percent increase, MTA officials said at a board meeting on Wednesday morning.
Riders would get a 16 percent bonus on purchases over $6, making the average fare $2.59.
In the other proposal, the single ride fare would stay at $2.75, but riders would only get a 5 percent bonus on each purchase of at least $5.50, which would make the average fare $2.62.
In both proposals, 30-day and 7-day passes will increase less than four percent, with the monthly going from $116.50 to $121. The weekly passes would go from $31 to $32.
The proposed fare increases aren’t a surprise. The MTA has been following a biennial schedule of fare hikes, and had said that they would go up by 4 percent in both 2017 and 2019.
Agency head Tom Prendergast said the hikes will pay for increased services like the Second Avenue Subway.
The MTA is also currently in contract negotiations with the union that represents its workers, and will likely have to pay them more.
Transit advocates said the MTA needs to do more to create discount programs for low-income New Yorkers.
The board members on Wednesday discussed asking the city to help subsidize fares for low-income riders, but they said it is unlikely they will come up with a plan by March when they hope to raise fares.