Singapore Airlines has announced that it will reward eligible staff with a bonus equivalent to nearly eight months of salary, following the airline’s record-breaking profits for the fiscal year 2024. According to a company memo viewed by The Straights Times, the bonus includes a profit-sharing component of 7.94 months in line with labor contracts. This decision comes after the airline posted a record profit of S$2.7 billion (USD $2 billion) for the fiscal year ended on March 31, 2024.
Last year, employees received a bonus of 6.65 months of pay, which included a 1.5-month increase for some workgroups following the COVID-19 pandemic. The airline has nearly 15,000 employees around the globe.
The carrier’s record profits for the fiscal year were driven by a strong recovery in air travel demand and the airline’s strategic initiatives. The group, which includes the budget airline Scoot, carried 36 million passengers, a nearly 40% increase from the previous year.
Singapore says its sales remain healthy across all cabin classes, with strong bookings to China, Japan, and South Korea along with Southeast Asian countries.
The airline’s employee bonus plan comes just days after Emirates announced a similar pay-out. Its staff will receive a bonus worth five months of salary in the coming weeks.
