Yahoo Finance Singapore Air hands staff eight months’ salary bonus after record results
By Natalie Choy and Peter Vercoe
(Bloomberg) — Singapore Airlines Ltd. will pay staff a bonus of around eight months salary after posting a record annual profit, the Business Times newspaper reported.
Eligible staff will be paid a profit-sharing bonus equivalent to 6.65 months’ pay, and a maximum of 1.5 months’ salary of ex-gratia bonus in recognition of their hard work and sacrifices during the pandemic, the newspaper reported, citing a spokesperson for the airline. Senior management won’t receive the bonus, the newspaper said.
The city-state’s flag carrier on Tuesday reported net income of S$2.16 billion ($1.62 billion) for the year ended March 31, and said forward sales are healthy across all cabin classes, led by bookings to China, Japan and South Korea.
Singapore Airlines and its budget offshoot Scoot carried 26.5 million passengers in the year, six times higher than the 12 months through March 2022, with passenger capacity rising to 79% of pre-Covid levels in March.
On Monday, Singapore Air said it flew 1.75 million passengers in April, up 53% from the same month last year. Hong Kong rival Cathay Pacific Airways Ltd. has a way to go before it gets to those heights, with last year’s revenue still only about half of pre-pandemic levels.
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