Singapore Airlines Gives 8 Months Salary As Bonus

Singapore Airlines will reward their employess with a bonus payout worth almost eight months of salary. The airline has reported a proft for the second year running and hence the decision for the massive bonus, CNBC has reported quoting insiders within SIA.

The bonus is higher than Singapore Airlines’ previous year’s earnings high, which resulted in a profit-sharing bonus equivalent to 6.65 months’ pay and a maximum of 1.5 months’ salary of ex-gratia bonus related to the pandemic. 

Singapore Airlines declined to comment.

Record Profits

The city-state carrier delivered a record S$2.67 billion ($1.98 billion) annual profit in the fiscal 2023-2024 year, 24% higher than the year prior. The airline is positive about the future and said near-term demand for flights remains healthy as robust appetite for travel and a buoyant cargo sector worked to offset competitive pressures, higher costs, geopolitical tensions and economic uncertainty.

Singapore Airlines had benefited from a much faster reopening compared to many other airlines after Covid restrictions were lifted. Monthly passenger volumes were around 97% of pre-pandemic levels in March.

The massive windfall for Singapore Airlines’ employees beats that of its competitor airline Emirates, which is reportedly handing workers five months of bonus after notching up a record annual profit of $5.1 billion. The Gulf carrier also paid out a similar amount last year.

Shares in Singapore Airlines rose 0.4% on Thursday, bringing gains this year to 4.3%.