Airline to give staff 8 months’ salary as bonus after making record-breaking profit of Rs 13000 crore.
Singapore Airlines is preparing to give its employees a massive bonus, which is fantastic news for the company’s workforce. After making a record-breaking yearly profit of Rs 13,000 crore, the airline will reward its personnel with a bonus equal to around eight months’ salary.
How will the mega bonus be distributed?
In appreciation for their dedication and efforts throughout the epidemic, eligible employees will receive a profit-sharing incentive equal to 6.65 months’ pay and a maximum of 1.5 months’ income as an ex-gratia bonus, according to an airline representative. There won’t be an additional ex-gratia incentive for senior executives.
“The bonus for Singapore Airlines’ employees is based on a long-standing annual profit-sharing bonus formula that has been agreed upon with our staff unions,” the spokeswoman stated. On Tuesday, the city-state’s national airline announced a net profit of S$2.16 billion ($1.62 billion or Rs 13,000 crore) for the fiscal year that concluded on March 31.
The company also stated that forward sales are strong in all cabin classes, with reservations to China, Japan, and South Korea leading the way. Shares of Singapore Airlines increased 1.2% on Thursday. Six times as many passengers travelled on Singapore Airlines and its low-cost subsidiary Scoot in a single year (26.5 million), reaching 79% of pre-Covid levels in March.
Singapore Air reported on Monday that it carried 1.75 million passengers in April, a 53% increase over the same month last year. Since last year’s revenue was only around half of pre-pandemic levels, Hong Kong competitor Cathay Pacific Airways Ltd. also has ways to achieve similar heights.
Singapore Air Hands Staff Eight Months’ Salary Bonus After Record Results
Singapore Airlines Ltd. will pay staff a bonus of around eight months’ salary after posting a record annual profit.
Eligible staff will be paid a profit-sharing bonus equivalent to 6.65 months’ pay, and a maximum of 1.5 months’ salary of ex-gratia bonus in recognition of their hard work and sacrifices during the pandemic, a spokesperson for the airline said. Senior management won’t receive that additional ex-gratia bonus.
he airlines reported net income of S$2.16 billion ($1.62 billion) for the year ended March 31, and said forward sales are healthy across all cabin classes.
Singapore Airlines Ltd. will pay staff a bonus of around eight months’ salary after posting a record annual profit.
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“The bonus for Singapore Airlines’ employees is based on a long-standing annual profit-sharing bonus formula that has been agreed with our staff unions,” the spokesperson said.
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The city-state’s flag carrier on Tuesday reported net income of S$2.16 billion ($1.62 billion) for the year ended March 31, and said forward sales are healthy across all cabin classes, led by bookings to China, Japan and South Korea. Singapore Airlines’ shares were up 1.2% on Thursday.
Singapore Airlines and its budget offshoot Scoot carried 26.5 million passengers in the year, six times higher than the 12 months through March 2022, with passenger capacity rising to 79% of pre-Covid levels in March.
On Monday, Singapore Air said it flew 1.75 million passengers in April, up 53% from the same month last year. Hong Kong rival Cathay Pacific Airways Ltd. has a way to go before it gets to those heights, with last year’s revenue still only about half of pre-pandemic levels.