Singapore Airlines (SIA) has announced a record-breaking profit-sharing bonus equivalent to 7.94 months of salary for its employees, following an exceptional financial performance in the fiscal year ending March 2024. This generous reward surpasses last year’s record of 6.65 months, highlighting the airline’s remarkable recovery and success in the post-pandemic era.
The news was first reported by Bloomberg, citing an anonymous source, and subsequently confirmed by screenshots of a presentation by SIA CEO Goh Choon Phong seen by CNA. This bumper bonus serves as a testament to the hard work and dedication of SIA staff, who have played a crucial role in navigating the challenges of the COVID-19 pandemic and driving the airline’s resurgence.
In addition to the profit-sharing bonus, eligible employees last year also received an ex-gratia bonus of up to 1.5 months as a recognition of their efforts during the pandemic. This year’s combined payout represents a significant financial windfall for SIA staff and underscores the company’s commitment to sharing its success with its workforce.
SIA’s outstanding financial performance, with a record profit of S$2.68 billion (US$1.99 billion), is attributed to several factors, including a robust recovery in air travel demand, particularly in the Asia-Pacific region. The airline has also benefited from its strong brand reputation, extensive network, and focus on customer service excellence.
The company’s success is further reflected in its decision to declare a final dividend of S$0.38 apiece, higher than the S$0.28 a year ago. This move demonstrates SIA’s confidence in its future prospects and its commitment to delivering value to its shareholders.
As the global aviation industry continues to rebound, Singapore Airlines is well-positioned for continued growth and success. With a highly motivated and well-rewarded workforce, the airline is set to maintain its position as a leading player in the global aviation market.