Singapore Airlines staff get eight months' salary bonus after record profits
The payout is in effect higher than Singapore Airlines' previous year's earnings high
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 per cent 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 per cent of pre-pandemic levels in March.
Shares in Singapore Airlines rose 0.4 per cent on Thursday, bringing gains this year to 4.3 per cent.