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Monday, May 20, 2024

Singapore Airlines Offers Staff 8-Month Bonus After Posting Record Post-Pandemic Profits

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The Singapore Business Times daily reports that Singapore Airlines will give its frontline staff a big bonus that might equal up to eight months’ worth of basic pay. On the strength of strong post-pandemic travel demand, the airline reported a record yearly profit of S$2.16 billion ($1.62 billion) on Monday.

The publication claims that as compensation for their efforts and sacrifices during the pandemic, employees will get a profit-sharing incentive equal to 6.65 months’ pay and an additional ex-gratia bonus worth up to 1.5 months’ basic income.

Singapore Airlines claimed that after the city-state dropped its stringent pandemic restrictions in April 2022, it was able to quickly capitalize on the unusual demand for air travel.

Alongside the budget Scoot brand, the carriers “were among the first to launch flights as borders reopened, and captured the pent-up demand as air travel returned,” the airline said in a statement on Wednesday.

Despite the fact that passenger capacity has only increased to 79% of pre-pandemic levels so far, a record-breaking profit was made thanks to strong yields and rates as well as the highest average passenger load factor in the group’s history of 85.8%.

Frontline employees will receive the bonus, but senior management will not, according to an airline official.

The information comes less than a week after Emirates revealed that the majority of its rank-and-file staff would earn an important yearly bonus equal to up to six months’ worth of basic pay after the Dubai-based airline posted its own record $2.9 billion profit for 2022–2023.

A “strong pick up” in reservations for travel to China, Japan, and South Korea, according to Singapore Airlines, is now contributing to forward sales that “remain healthy” across all cabin classes.

The airline issued a warning regarding impending economic uncertainty and stated that it anticipated tighter competition as regional rivals restored capacity lost due to the pandemic.

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