The MBTA's oversight board is slated to take up fare hikes for discussion on Monday, the first of many meetings on the subject to come in the new year.

In December, the board approved a policy that would let it raise fares on trains, buses and a shuttle service for disabled riders by as much as 10 percent and by as early as July.

The possible hikes, along with targeted service cuts, are part of an effort on the part of the Gov. Charlie Baker-appointed board to slice $242 million from the T’s budget.

Meetings of the T’s fiscal and management control board have attracted swarms of activists opposing raising fares and cutting service.

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The 10 percent figure has been a point of contention among officials. Many lawmakers and advocates claim the newly crafted state law allows only a 5 percent increase every two years – others say the law’s wording permits a hike of 5 percent per year, or 10 percent total.

The last fare increase came in 2014: a 5 percent bump. In 2013 the T raised fares by an average of 23 percent.

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