Singapore Airlines gives staff bonus of 8 months' salary after record results and pandemic sacrifices
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- Singapore Airlines will give eligible staff a huge bonus of up to eight months' salary.
- That's thanks to a formula based on a deal with its staff union, and the airlines' record profits.
- It includes an extra bonus of up to 1.5 months, which senior management won't get.
Singapore Airlines will pay some staff a huge bonus of more than eight months' salary after posting the highest profits in its 76-year history, Bloomberg first reported.
That's thanks to "a long-standing annual profit-sharing bonus formula that has been agreed with our staff unions," a spokesperson for the airline told Insider.
Eligible employees will receive a bonus of 6.65 months based on Singapore Airlines' record profit in the last financial year. The group, which includes the budget airline Scoot, reported an annual net income of $1.6 billion, per Bloomberg.
There's also an additional maximum of 1.5 months' salary — half a month for each of the last three years — as an extra bonus which isn't given to senior management.
The gesture of goodwill is "in recognition of our employees' dedication, hard work, and sacrifices, including pay cuts during the pandemic," the spokesperson said.
In September 2020, its pilots agreed to take pay cuts of up to 60% in a deal which saved about 400 jobs, according to Today, a Singaporean newspaper.
Singapore Airlines reported losses totaling $2.75 billion over the 2020-2022 financial years as the industry was hit by COVID-19, Bloomberg reported.
But by March this year, passenger capacity for the airline group was back up to 79% of pre-COVID levels, the company said.
"The SIA Group's record financial performance for FY2022/23 is a testament to its proactive strategic initiatives, pre-emptive preparation that was made when borders remained closed, and the hard work, dedication, and sacrifices of its employees," it added.
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