Ex-justice minister's daughter attends forgery trial in college admissions scandal
US defense policy bill calls for maintaining 28,500 US troops in Korea
S. Korea determined to become tourism powerhouse
S. Korea logs current account surplus for 6th month in October
4 contentious bills scrapped in revote after Yoon's veto
Footballer Hwang's sister-in-law indicted for disclosing his private videos
Turkish woman gets jail term for killing abusive boyfriend
[Travel Bits] Festivals, sights across Korea
Ex-Democratic Party chair denies bribery, illegal campaign allegations
Missile scientist from North Korea, pediatrician among new ruling party recruits
Unredeemed miles of Korean Air, Asiana estimated at W3.4trBy Yonhap
Published : Aug. 20, 2023 - 09:21
The combined value of unused miles at South Korea's two major air carriers reached 3.4 trillion won ($2.5 billion) as of the first half of 2023, data showed Sunday, amid the extension of expiry dates after the COVID-19 pandemic disrupted international travel.
The amount of the deferred income of the two companies, Korean Air and Asiana Airlines, which can be translated into unredeemed miles, marked a 17.4 percent rise from the same period in 2019, according to the companies' regulatory filings.
Korean Air accounted for 2.4 trillion won, with Asiana Airlines taking up 942 billion won.
During the COVID-19 pandemic, the government reached an agreement with the air carriers to extend the expiration by three rounds up to 30 months.
Local airliners have operated an expiration policy on mileage points since 2008, and starting 2019, these points have started to expire.
The air carriers, meanwhile, have been rolling out promotional events to induce consumers to use their unredeemed miles, apparently in line with efforts to reduce debts ahead of their planned merger.
Earlier this month, Korean Air increased the maximum amount of redeemable miles to 30 percent from the existing 20 percent. (Yonhap)
S. Korea, US., Japan reaffirm N. Korea's denuclearization obligation
Government asks young couples why they refuse to have children
[Weekender] [K-School] From lobster to rose tteokbokki, Korean school food continues to evolve