Singapore Airlines to reward staff with eight months’ salary bonus

Singapore Airlines is set to reward its staff with a bonus payout equivalent to nearly eight months’ salary, following its second consecutive year of record-breaking annual profits.

This impressive bonus surpasses last year’s record payout, which included a profit-sharing bonus of 6.65 months’ salary and an additional ex-gratia bonus of up to 1.5 months’ salary due to the coronavirus pandemic.

Despite the impressive news, Singapore Airlines declined to comment.

According to an exchange filing on Wednesday, the city-state carrier achieved a record annual profit of 2.67 billion Singapore dollars (US$1.98 billion) for the fiscal year 2023 to 2024, marking a 24% increase from the previous year. The airline attributes this success to a strong demand for flights and a robust cargo sector, which have effectively counterbalanced competitive pressures, rising costs, geopolitical tensions, and economic uncertainties.

Singapore Airlines’ swift recovery and strategic adjustments following the lifting of Covid-19 restrictions have set it apart from many of its competitors. In March, monthly passenger volumes were reported to be at approximately 97% of pre-pandemic levels.

The substantial bonuses for Singapore Airlines staff echo the windfall experienced by employees at Emirates, who are also set to receive five months’ worth of bonuses following a record annual profit of US$5.1 billion (approximately 184 billion baht), reported Bangkok Post.

Emirates had similarly rewarded its staff generously last year.

Reflecting investor confidence, shares in Singapore Airlines rose by 0.4%, contributing to a 4.3% gain this year.

In related news, Scoot, the budget carrier under Singapore Airlines, is about to revolutionise travel with its cutting-edge E190-E2 jets, set to take flight in May. With the delivery of the first and second of nine E2s scheduled for April, Scoot has unleashed its grand plan, unveiling the initial destinations for these state-of-the-art aircraft.

In other news, Hong Kong-based carrier Greater Bay Airlines (GBA) announced the suspension of its daily service between Hong Kong and Singapore, effective from June 1.