Why Singapore Airlines hands staff eight months' salary in bonus
Air carrier Singapore Airlines is set to pay its staff a bonus of approximately eight months' salary after bringing in a record annual profit. As per reports, employees will be paid a profit-sharing bonus equivalent to 6.65 months' payout and a maximum of 1.5 months' salary ex-gratia bonus as an appreciation for their sacrifices and hard work during the COVID-19 pandemic.
Singapore Airlines spokesperson provides update on development
Confirming the bonus for all eligible employees, an official spokesperson for the airline revealed that while senior management will get profit sharing, they will not be getting an additional ex-gratia bonus. "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," news outlet Bloomberg quoted the spokesperson as saying.
Singapore Airlines records $1.62 billion net income
Earlier on Tuesday, the airline reported a net income of $1.62 billion for the year ended March 31 and revealed that forward sales are healthy across all classes, led by bookings to Japan, South Korea, and China. On top of this, the shares of Singapore Airlines also went up significantly by 1.2% on Thursday.
Singapore Airlines flew 1.75 million passengers in April: Report
The air carrier also stated on Monday that it flew 1.75 million passengers in April, which is a 53% growth compared to the same month last year. According to reports, the airline and its budget offshoot "Scoot" carried 26.5 million fliers in the year, which is also six times higher than the 12 months through March 2022.
How Singapore Airlines plans to stay ahead of competition
On increasing demand and competition, the airline stated, "Geopolitical and macroeconomic uncertainties, as well as high-cost inflation, could pose challenges for the airline industry in the months ahead." "As competition is expected to increase with more capacity being injected on international routes, the group will monitor developments closely and be agile and nimble in its response," Times of India quoted the airline as saying.
