Midday Caltrain riders will have to wait up to 30 minutes longer for their trains starting Monday — and the price to park at stations will also grow by 50 percent.

Caltrain will eliminate eight midday weekday trains, four in each direction, a change that the agency's board of directors authorized in July. Trains will run hourly between 10 a.m. and 2 p.m., down from the previous schedule of service every 30 minutes.

The agency's 98-train schedule will drop 8 percent to 90 trains per day. Officials expect the service reductions to result in about 100,000 fewer trips annually, and will save the agency $1.93 million per year.

Weekend, late-night and commute-time service will not be affected.

Also on Monday, monthly parking fees will jump from $20 to $30, while the cost for a daily parking pass will tick up from $2 to $3. The price hikes will generate $420,000 annually for Caltrain.

The changes, along with price hikes to the employer-sponsored GO Pass earlier this month, will allow the agency to bridge a $2.7 million budget gap. Caltrain is facing state funding cuts and waning ridership, and its board declared a fiscal emergency in June.

The eliminated trains are Nos. 240, 241, 244, 245, 248, 249, 252 and 253. Officials said they hope to restore the service when the agency rebounds economically.

New timetables should be on board trains now, and the schedule is also available on the caltrain.com Web site.

Staff writer Mike Rosenberg covers San Mateo, Burlingame, Belmont and transportation issues. Reach him at 650-348-4324.