Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Korean Air hikes Jeju fare by 10%
By Lee Hyo-sik
Staff reporter
Those planning a trip to Jeju Island may want to go there this month as Korean Air plans to add a 10 percent surcharge in July to its airfares between the nation's southern resort island and other local destinations.
The country's largest air carrier said Monday that it will hike the fares by 10 percent on flights between Jeju and other domestic cities on Friday and weekends in time for the summer vacation season.
Currently, the airline firm adds a 5 percent extra charge to flights bound for Gimpo from Jeju after 4 p.m. on Sunday.
But from next month, air travelers will have to pay 10 percent more if they fly on Korean Air from all inland airports to Jeju International Airport on Fridays. Passengers of flights bound for the island after noon on Saturdays are also subject to the higher airfares. On Sundays, those who fly from Jeju to other domestic destinations after noon will be required to pay 10 percent more.
For instance, the one-way ticket between Gimpo and Jeju is currently priced at 84,400 won. But during the peak time, it will go up by 10 percent to 92,900 won.
Korean Air's latest fare hike is expected to encourage Asiana Airline and local budget airlines to do the same, drawing protests from air travelers planning a trip to the resort island this summer.
"We lose money on routes connecting Jeju Island and inland cities because airplanes are mostly occupied only on Friday and weekend. The planned fare increase is a must for us to encourage travelers to fly on Monday to Thursday," a Korean Air spokesman said.
He also said the air carrier will introduce promotional events from time to time during the summer vacation season to offer cheaper seats.
The nation's second largest carrier, Asiana Airlines, added an 8-percent surcharge to its airfares between Jeju and other domestic destinations in April.
Air flights bound for Jeju from Gimpo and other airports from 7.a.m to 10.30 a.m. on Friday and throughout Saturday are 8 percent more expensive.
Those flying back to inland destinations from Jeju after 2 p.m. on Sunday are also subject to the higher fees.