Appraisal season lightens! Singapore Airlines staff scores eight months' bonus
Singapore Airlines
Singapore Airlines created a unique benchmark in the aviation sector after it delivered second annual profit. But with that the city-state carrier has also decided to reward its staff with a bonus payout worth almost eight months of salary, according to a person familiar with the matter, reportedBloomberg.
The windfall for Singapore Airlines' employees is just like the experience of employees at Emirates, which is reportedly handing workers five months of bonus after recording an annual profit of $5.1 billion. The Gulf carrier had also paid out a similar amount last year.
Eight months salary as a bonus: What does it mean?
According to the Bloomberg, the payout is effectively higher than Singapore Airlines’ previous year’s earnings high. Its previous year's earnings resulted in a profit-sharing bonus equivalent to 6.65 monthspay and a maximum of 1.5 months’ salary of ex-gratia bonus related to the pandemic.
Singapore Airlines eight-month bonus update: How much profit it made?
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Singapore's city-state carrier delivered a record S$2.67 billion ($1.98 billion) annual profit in the fiscal 2023-2024 year. Notably, this is 24 per cent higher than the year prior, according to an exchange filing Wednesday (May 15).
Also watch |Aviation Industry's profitability reaches new altitudes, soars toward $9.8 billion net profit
The airline shared bright forecast and said that the near-term demand for flights remains healthy due to growing travel trends and a stable cargo sector as well as its ability to offset competitive pressures, higher costs, geopolitical tensions and economic uncertainty.
The pandemic dividends of Singapore Airlines
Singapore Airlines reopened swiftly as soon as the Covid restrictions for travel were lifted. It benefited from that exact faster reopening. Besides, the passenger volumes have reached around 97 per cent of pre-pandemic levels in March.
Meanwhile, the shares in Singapore Airlines rose 0.4 per cent on Thursday (May 16), bringing gains this year to 4.3 per cent, according to a Bloomberg tracker.
(With inputs from agencies)