As many people all over the world put Covid-19 behind us and embark on “revenge travel”, airlines are raking in profits again.
One of those benefiting is the Singapore Airlines Group (SIA Group), which announced record profits for financial year 2022/2023.
Following that, their budget airline Scoot will reportedly give their employees around six months’ bonus in recognition for their hard work.
Source: FlyScoot on Facebook
Eligible Scoot employees stand to get their bonus in two parts: a performance bonus and an ex-gratia bonus, Channel NewsAsia (CNA) quoted the carrier as saying.
While the performance bonus will be about 4.76 months, the ex-gratia bonus should be a maximum of 1.5 months — amounting to about 6 months.
The ex-gratia bonus is based on 0.5 months for each of the last three financial years, which were plagued by Covid-19.
Scoot said they’re giving out large bonuses to recognise employees’ dedication, hard work, and sacrifices.
They also noted the success of the group’s three-year transformation programme.
The initiative has “enhanced its competitiveness and strengthened its foundations for the future”, Scoot added.
Scoot’s move follows that of its sister airline SIA, which is giving their employees at least 6.65 months’ bonus.
Together with an additional bonus of up to 1.5 months, that amounts to around eight months’ bonus for eligible staff.
This is to recognise their sacrifices, especially since they had to endure pay cuts for SIA to survive the pandemic.
Earlier this month, SIA Group announced record profits for FY22/23, the highest in their 76-year history.
The company recorded a net profit of S$2.157 billion up till 31 Mar, a massive increase compared with the S$962 million the year before.
They also saw record revenue of S$17.775 billion — a 133.4% increase — and operating profits of S$2.692 billion.
In terms of passenger volume, SIA and Scoot saw six times more passengers compared with last year.
While SIA’s passenger load factor was a record of 85.8%, Scoot was no slack, with a figure of 83.9%.
Scoot also set a record of their own — an operating profit of S$148 million, a whopping S$602 million jump from the previous financial year.
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Featured image adapted from FlyScoot on Facebook.
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