BOSTON >> Boston-area residents could soon be paying more to take the T.

The MBTA's fiscal control board on Monday approved a policy that allows fare hikes of up to 10 percent every two years, and officials say fares could jump as soon as July.

The board was created by Gov. Charlie Baker and the Legislature to oversee the Massachusetts Bay Transportation Authority after storms last winter paralyzed the system.

Board Chairman Joseph Aiello also called for an audit after T officials disclosed that nearly a quarter of its employees will make more than $100,000 this year, including overtime and retroactive pay raises. Aiello says he is concerned about the productivity of employees who work too much overtime.

Officials pointed out that much of the overtime was needed during winter storms.