SIA Employees Will Get At Least 6.65 Months’ Bonus After Record Profits
Singapore Airlines (SIA) employees are getting up to eight months in bonuses after the airline recently recorded its highest profits ever.
SIA Group Records Highest Profits Ever, S’pore Airlines & Scoot Saw 6 Times More Passengers
In response to this unprecedented achievement, employees are set to get at least 6.65 months’ bonus under a profit-sharing arrangement, The Business Times (BT) reported.
An additional bonus will be handed out in recognition of employees’ hard work and sacrifices during the Covid-19 pandemic.
Eligible SIA employees getting at least 6.65 months’ bonus
The bonuses that employees are eligible for include:
- 6.65 months’ profit-sharing bonus
- Up to 1.5 months’ additional bonus in recognition of hard work and sacrifices during the Covid-19 pandemic
The additional bonus is based on 0.5 months per financial year, meaning that if employees worked for the past three financial years, they will receive a maximum of 1.5 months’ bonus.
This is to recognise their sacrifices, especially since SIA made pay cuts to survive the pandemic, BT reported.
Source: Shutterstock via Aerotime Hub
However, SIA senior management will not receive this bonus, according to an airline spokesperson.
Instead, only rank-and-file employees will get the bonus as a reward.
SIA earnings reached S$2.2 billion in 2022
For the financial year that ended 31 Mar, SIA posted S$2.2 billion in earnings.
This was in contrast to a loss of S$962 million the year before. Compared to the previous year, revenue increased by 133.4%.
The aviation industry suffered unprecedented losses following the start of the pandemic and has only slowly begun to spread its wings again since 2022.
With plenty of people clamouring to travel after years of border restrictions, it spelt a boon for Singapore’s flagship airline.
After what was undoubtedly a turbulent three years for the industry, we’re glad that employees are getting the rewards they deserve.
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from Reuters, for illustration purposes only.
