NEW YORK (PIX11) -- The MTA approved a mass transit fare hike plan Thursday that will take effect March 22, 2015.

“The MTA has been able to limit these fare and toll increases to the equivalent of 2% a year thanks to our continued aggressive cost-cutting, while still adding service and improving service quality for our growing number of customers,” said MTA Chairman and CEO Tom Prendergast.

The MTA Board approved an additional 25-cent raise of the base subway fare from $2.50 to $2.75.

It also more than doubles the bonus that regular riders get from 5 percent to 11 percent.

It is said that the subway fare in New York City is tied to the cost of a slice of pizza. Click to the video below to hear about that and a estimate on what the increases will cost commuters.

"The combination of the increased fare and the increased bonus creates an effective fare increase of 4.1%, or 10 cents, for the Bonus MetroCard, which is used for 43% of trips," said a news release from the MTA.

A monthly card goes up to $116.50 from $112 and the weekly card increases one dollar to $31.

LIRR and Metro-North riders will see about a 4% increase on their monthly tickets.

E-Z Pass drivers will see about between a 21 and 25 cent increase.

Riders say they understand the need for improvements to the system, but wish salaries and paychecks kept up with inflation.

The MTA reports it has cut $1.1 billion from its annual spending, with more cuts planned every year to bring annual savings to $1.6 billion by 2018.

“Our Financial Plan assumes modest biennial fare and toll increases, and the Board has chosen options with lower increases for our most frequent customers,” said Prendergast.

Visit mta.info for the complete structure.

#MTA chairman supports raise base fare to $2.75 from $2.50 & double bonus discount to 11%. Also campaign telling riders how to maximize $ — Greg Mocker (@gregmocker) January 22, 2015