The Taxi and Limousine Commission settled Tuesday on the fare hike proposal that will go up for a vote. If approved, cab fares will jump from 40 cents to 50 cents for every tick of the meter.

The initial cost to enter the cab will stay at $2.50.

A trip between Kennedy Airport and Manhattan would rise from $45 to $52 plus tolls.

The New York Taxi Workers Alliance said the plan provides much-needed benefits for drivers.

A small portion of every fare would go to a newly-created health and disability fund.

The proposal also eliminates the processing fee for credit card transactions.

There will be a public hearing on the proposal on July 9 with a vote expected July 12.

(Source: NY1)