Singapore Air staff get eight months' salary bonus after record profits

SINGAPORE (Bloomberg): Singapore Airlines Ltd. will reward staff with a bonus payout worth almost eight months of salary, according to a person familiar with the matter, after delivering a second consecutive record annual profit.

The payout is in effect 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.

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, according to an exchange filing Wednesday.

The airline 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 benefited from a faster reopening and rebuild compared to many of its peers after Covid restrictions were lifted. Monthly passenger volumes were around 97% of pre-pandemic levels in March.

The windfall for Singapore Airlines’ staff mirrors the experience of employees at 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%.

-- ©2024 Bloomberg L.P.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Aseanplus News

Asean news headlines as at 10pm on Wednesday (June 19)
Indonesia builds 3.6km tidal embankment in Central Java top combat flooding
Myanmar authorities arrest 22 for marking Suu Kyi's birthday: media
Low-price tour groups from China ‘a threat to Thailand’s tourism’
Vietnam govt says party chief of capital Hanoi resigns
Durian diplomacy: Premier Li salutes Malaysia-China’s shared resilience, marks 50 years of fruitful relations
Manet, Wong pledge closer Cambodian-Singaporean ties
Battle lines drawn as Philippine V-P quits, severs Marcos-Duterte union ahead of 2025 mid-term polls
China-Malaysia ties akin to 'continuous railway track with promising future', says Chinese Premier
Actor Huang Xiaoming puts on 15kg for new movie, where he plays intellectually disabled man

Others Also Read