Singapore Airlines (SIA) chief executive officer (CEO) Goh Choon Phong received a pay increase of 20.6% for the financial year of 2024, bringing his annual pay to S$8.1 million.
The remuneration sum was revealed in the company’s latest annual report released on 1 July, which also marked a historic high in earnings for the airline.
Source: Business Today
According to a report by The Straits Times on the detailed breakdown of Mr Goh’s pay provided by SIA, his earnings included S$1.4 million in basic salary, S$2.2 million in bonuses, S$4.3 million worth of SIA shares, and additional benefits amounting to nearly S$148,000.
The 20.6% increment equals around a S$1.4 million increase in his total annual remuneration package.
Parallel to Mr. Goh’s compensation, other top executives at SIA also saw substantial remunerations.
The company’s chief commercial officer Lee Lik Hsin and chief operations officer Tan Kai Ping both received payments between S$3.5 million and S$3.75 million for the same period. These sums were also a bump from their earnings in the previous financial year.
The increase in compensation aligns with a remarkable year for SIA, which reported a net profit of S$2.7 billion, up 24% from the previous year’s S$2.2 billion.
Source: Singapore Airlines on Facebook
This financial achievement was unparalleled in the company’s history and resulted in substantial profit-sharing bonuses for numerous eligible SIA employees, equating to almost eight months of additional pay.
According to The Business Times (BT), SIA is also planning to reward its shareholders with a higher final dividend of 38 cents per share, up from 28 cents the previous financial year.
Demand for air travel has been healthy in the first quarter of FY2025, particularly for flights towards Southeast Asia and North Asia, reported BT.
However, it’s expected to moderate as capacity in the Asia-Pacific region increases, the paper added.
Also read: SIA staff to receive almost 8 months’ bonus as airline hits record net profit
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Featured image adapted from Singapore Airlines on Facebook, Forbes.
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