SIA staff to receive almost 8 months’ bonus as airline hits record net profit

SIA staff to receive almost 8 months’ bonus

Singapore Airlines (SIA) staff, including pilots, will receive a profit-sharing bonus of 7.94 months, according to a The Straits Times report.

This comes after the airline posted a record full-year net profit of S$2.7 billion on 15 May.

Besides a fatter bonus for employees, SIA shareholders can also anticipate a higher dividend payout.

Earnings rose by 24%

Singapore’s national carrier reported a 24% increase in earnings, reaching S$2.7 billion for 12 months ending 31 March 2024.

This surge is attributed to improved operating performance, lower tax expenses, and a share of profits from associates.

SIA noted that demand for air travel remained strong throughout the year, bolstered by the reopening of borders in North Asia, including China, Hong Kong, Japan, and Taiwan.

SIA and its low-cost carrier Scoot carried a total of 36.4 million passengers, a 37.6% increase compared to the previous year.

Up to almost 8 months’ bonus given in 2023

In 2023, eligible SIA employees received a profit-sharing bonus of 6.65 months.

Some employees also received an additional ex-gratia bonus of 1.5 months for their efforts during the pandemic.

“The bonus for SIA employees is based on a long-standing annual profit-sharing bonus formula that has been agreed with our staff unions,” the company’s spokesperson told Channel News Asia.

That year, SIA Group reported an annual profit of S$2.16 billion after three consecutive years of losses.

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Featured image adapted from Singapore Airlines on Facebook, Singapore Airlines on Facebook