▲ Vehicles experience congestion on the southbound Gyeongbu Expressway near Jamwon IC in Seoul on the 23rd, ahead of the Chuseok holiday. (Photo: Yonhap News)
As highway tolls across the country are waived once again for this Chuseok holiday, critics have pointed out that the cumulative toll exemption policies over the past years are increasing the financial burden on the Korea Expressway Corporation.
According to data submitted by the Korea Expressway Corporation to Representative Kang Dae-shik of the People Power Party, a member of the National Assembly's Land, Infrastructure and Transport Committee, on the 24th, total toll exemptions from 2006 to last year amounted to 6.2748 trillion won over 20 years.
The exemption amounts have grown whenever related systems were newly established or expanded.
The exemption amount, which stood at 137 billion won in 2006, surpassed 200 billion won in 2008 with the expansion of discounts for compact cars, and exceeded 300 billion won in 2017 with the introduction of discounts for eco-friendly vehicles.
It first recorded in the 400 billion won range in 2022.
After peaking at 490 billion won in 2023 and slowing down slightly to 482.5 billion won in 2024 and 471.2 billion won in 2025, exemptions reached 278.7 billion won as of July this year, driven by temporary exemptions for express buses and late-night freight trucks amid high oil prices.
Last year's exemption amount of 471.2 billion won accounted for 10.7% of the annual toll revenue (4.4024 trillion won) recorded in the same year.
Critics point out that the financial burden on the expressway corporation is bound to grow, considering that highway tolls have been frozen for over 10 years following an average increase of 4.7% in 2015.
According to a Korea Investors Service report, the debt-to-equity ratio (consolidated basis) of the Korea Expressway Corporation has risen every year, moving from 82.0% in 2020 to 83.0% in 2021, 84.3% in 2022, 87.3% in 2023, 91.0% in 2024, and 95.6% last year.
Total borrowings surged by 43.5%, from 28.8105 trillion won in 2020 to 41.3353 trillion won in 2025.
Consequently, the interest burden is also projected to increase significantly.
The interest on the expressway corporation's borrowings is analyzed to rise from 1.3162 trillion won this year to 1.7203 trillion won by 2030.
Representative Kang stated, "The government should not stop at making superficial gestures through holiday toll exemptions and various discount policies," adding, "As the debt and interest costs of the Korea Expressway Corporation continue to rise, we must pursue policies that ease the public burden while simultaneously preparing practical measures to alleviate the financial burden on the corporation."
(Photo: Yonhap News)
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