Singapore Airlines Employees Get Nearly 8 Months' Pay in Bonuses After Record Profits pen_spark

New Delhi: In a move mirroring the recent gesture by Emirates, Singapore Airlines (SIA) has announced a bonus for its employees, nearly eight months' worth of salary. The announcement comes hot on the heels of the airline's record-breaking full-year net profit declaration on May 15.

This year's bonus, equivalent to nearly eight months' salary, marks a significant uptick from the 6.65-month bonus granted to the majority of employees in 2023. Notably, last year's bonus package also included an extra 1.5 months' bonus as a token of appreciation for their extraordinary efforts during the challenging times of the COVID-19 pandemic.

SIA's financial results for the fiscal year ending on March 31, 2024, displayed a remarkable 24 per cent surge in earnings, reaching $2.7 billion. This growth was credited to improved operational efficiency, reduced tax expenses, and profits generated from its associate companies.

The airline's revenue soared by 7 per cent, hitting a historic peak of $19 billion. Passenger revenue notably increased by 17.3 per cent to $15.7 billion, despite a 7.6 per cent drop in passenger yields. However, cargo sales experienced a sharp decline of approximately 40 per cent, totalling $2.1 billion.

Throughout the year, Singapore Airlines witnessed robust demand for air travel, buoyed by the reopening of borders in North Asia, particularly in key markets such as China, Hong Kong, Japan, and Taiwan.

Together with its low-cost carrier, Scoot, they served a combined total of 36.4 million passengers, marking an impressive 37.6 per cent increase from the previous year. Passenger loads improved significantly by 2.6 percentage points, reaching a record high of 88 per cent, with SIA achieving a load factor of 87.1 per cent and Scoot reaching 91.2 per cent.