Singapore Airlines has announced that the airline made a record profit in company history and shared the result by rewarding staff members with major bonuses.
Singapore Airlines Rewards Staff Members With Huge Bonuses
Singapore Airlines has revealed that the airline will be paying its staff a bonus of around eight months’ salary after posting a record annual profit.
The eligible staff will be paid a profit-sharing bonus equivalent to 6.65 months’ pay based on the agreement with the union and in addition to the bonus above, an ex-gratia bonus worth 1.5 months of salary will be rewarded in recognition of their hard work and sacrifices during the pandemic.
The bonus is based on a long-standing annual profit-sharing bonus formula that has been agreed with the airline’s staff unions.
Post-Covid-19 travel demand has skyrocketed and airlines are generating record profits due to explosive demand. We have seen the Emirates awarding every employee with 24 weeks worth of bonuses after record profits. It is very generous for the airline to thank all the staff members for their hard work during difficult times.
Singapore Airlines Record Net Income Of $1.62 Billion For 2022-2023
The airline’s 2022-2023 fiscal year ended on March 31, 2023, and posted the highest profit in its 76-year history. With a net income of S$2.16 billion ($1.62 billion) for the year, the forward sales are healthy across all cabin classes, led by bookings to China, Japan and South Korea driving the recovery.
Singapore Airlines and its low-cost, wholly-owned subsidiary Scoot carried 26.5 million passengers this fiscal year, which was six times higher than the previous year. Surprisingly, this is only 79% of the pre-Covid capacity meaning, more passengers will be flying once it reaches back to 100% of its pre-Covid figures.
Summary
Singapore Airlines made a record profit for the fiscal year 2022-2023 and it has been revealed that the airline will be rewarding its employees with up to eight months’ worth of salary bonus. With airlines now fully recovering at pre-pandemic levels, it is great to see airlines showing gratitude to all their employees.
