The rollout of the 60+ Oyster card by TfL has resulted in significant financial losses, amounting to £206 million in the last three years. This card, available to London residents over 60, has seen an increase in foregone revenue, with £84 million lost in the 2023/24 period. This figure surpasses previous losses of £71 million and £51 million in earlier years. The growing number of cardholders and the ongoing financial burden have led to calls for policy reevaluation, with discussions surrounding fairness for younger demographics.
TfL could review the rollout of the discounted 60+ Oyster card as it has cost £206 million over the last three years, straining the budget.
Estimates show that £84 million was lost in foregone revenue in 2023/24 due to the 60+ Oyster card, which allows free travel for seniors.
The free travel policies lead to significant financial loss for TfL, overshadowing the £23 million shortfall revealed previously.
Concerns have been raised regarding intergenerational fairness as younger workers continue to subsidize travel discounts for those over 60, regardless of income.
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