Singapore Airlines to give staff 8-month salary as bonus
Singapore Airlines is preparing to reward its employees with a bonus equivalent to eight months of their salary. This generous bonus comes after a year of record-breaking profits for the airline, marking an increase from the previous year's 6.65-month bonus. The company's annual net profit report for the fiscal year (FY) 2023-2024 revealed earnings of $1.98 billion, which surged by an impressive 24% by the end of the FY on March 31, 2024, reaching $2.7 billion.
Profits attributed to 'buoyant' air travel demand
Singapore Airlines attributes its successful financial year to a "buoyant" demand for air travel, particularly in North Asia. The airline reported that the full re-opening of borders in countries such as China, Japan, and Taiwan after the COVID-19 pandemic significantly boosted air travel demand. This surge in demand led to a 7% increase in revenue for the airline, setting a new record at $19 billion and a 17.3% rise in passenger turnover.
Singapore Airlines and Scoot serve record number of passengers
In collaboration with its low-cost carrier Scoot, Singapore Airlines served a total of 36.4 million passengers over the past year. Singapore Airlines is taking a cue from Dubai's Emirates by distributing a substantial bonus to its employees. Reuters previously reported that Emirates would award its staff a bonus equivalent to 20 weeks of salary, after achieving a record full-year profit.
