Singapore Airlines Employees Get 8-Month Bonus After Company Records RM9.33 Billion Profit
The airline reports its highest profit in its 77-year history for the financial year 2023-2024.
By Aqasha Nalani — 17 May 2024, 11:38 AM
Singapore Airlines has announced that it will be providing its staff with a bonus equivalent to almost eight months' salary following its exceptional financial performance
According to an aviation news portal, Aviation24.be, the airline announced on Wednesday, 15 May, that employees would receive a 32-week bonus, equivalent to approximately 7.9 months of basic wages.
This bonus is calculated using a long-established formula intended to reward employees when the airline performs well.
"This bonus, equal to 7.94 months of pay, is not merely a spontaneous act of gratitude but is entrenched in a longstanding agreement with the airline's unions, embodying a harmonious relationship between the company and its workforce," it said.
For the financial year 2023-2024, Singapore Airlines reported a profit of SGD2.68 billion (RM9.33 billion), with revenue reaching SGD19 billion (RM66.19 billion)
This marks the largest profit ever recorded by the airline in its 77-year history.
The airline stated that demand has "remained buoyant" over the past financial year, aided by the full reopening of markets in China, Hong Kong, Japan, and Taiwan.
It added that demand was so strong that passenger traffic increased by nearly 27%, outpacing the airline's capacity expansion of 22.9%.
"The group reported total revenue of SGD19,013 million, marking a 7.0% increase compared to the previous year.
"Passenger flown revenue rose significantly by 17.3%, reaching SGD15,685 million, driven by a rebound in North Asia and robust passenger traffic growth," it said.
Last year, the airline also paid out a substantial profit-sharing bonus, with employees receiving a bonus equivalent to 6.65 months’ pay, along with an additional ex-gratia bonus worth up to 1.5 months' basic salary
Looking forward, Singapore Airlines acknowledged that while economic uncertainty has not diminished people's eagerness to travel, the carrier may face pressure on passenger yields as competitors expand capacity in the Asia-Pacific region.
Additionally, the airline cited worldwide geopolitical tensions and rising inflation as ongoing concerns that could impact travel demand over the next year.
In December, a Singaporean bus company posted a job advertisement offering an attractive starting monthly salary of SGD5,000 (RM17,656.47):
