After a fare hike earlier this year, the MTA has announced two sizable fare hikes for 2015 and 2017.

Citing the rising cost of pension plans, debt payments, and healthcare costs, the MTA will rase the fare of subways and buses, most likely to $2.75 in 2015, and $3.00 by 2017. The fare hikes will increase revenue for the MTA by $424 million in 2015, and $520 million in 2017.

"We have to have regular, predictable fare increases," MTA Chief Financial Officer Robert Foran told the MTA board. Monthly Metrocards will most likely go from $112 to $120 and then rise again to $129.

Subway and bus riders won't be the only commuters affected. Tolls on MTA bridges will also rise during this time. The MTA's state-mandated austerity plan has already saved the agency $800 million annually, with much of the savings coming from the commuters themselves.

