Finance Minister Kim Dong-yeon says the government will consider curtailing free subway ride services for senior citizens as a way of securing budgets for its major policies.

Speaking to the National Assembly’s Strategy and Finance Committee during a parliamentary inspection session on Friday, Kim said raising the minimum age of seniors eligible for the benefit could be reviewed along with suspending free rides during rush hours.

The minister admitted that providing the benefit to everyone aged 65 and older is putting pressure on state coffers, but said the issue would be further discussed with the Seoul Metropolitan Government.

Kim also touched on the government’s plan to raise the maximum corporate tax by three percentage points to 25 percent for companies with taxable income exceeding 200 billion won.

He said the hike is necessary to fund the government’s initiatives to tackle the country’s major economic challenges, including the low birth rate and income bipolarization. Kim added that the tax increase would only affect a small number of companies that could afford it.