SIA Staff Receive 8 Months' Bonus Pay
Singapore Airlines Ltd will give its staff an eight-month salary bonus following a record year-end profit.
Bloomberg says the company has made its best profits ever. It has been running for 76 years.
An airline spokesperson said they have an annual profit-sharing bonus formula. The formula is agreed with their staff unions. This is why they can give their staff bonuses.
The group, which owns Scoot, made $1.6 billion last year. It was reported by Bloomberg.
The airline will pay eligible staff a profit-sharing bonus. It will be the same as their salary for 6.65 months. They can also receive a maximum of 1.5 months' pay as an ex-gratia bonus. This is to recognize their hard work and sacrifices during the pandemic. A spokesperson for the airline confirmed this.
The spokesperson said that they want to show goodwill to their employees. They did hard work and made efforts during the pandemic. They also faced pay cuts. The company wants to recognize their dedication and sacrifice.
The senior management will not get more bonuses. The airline gives bonuses based on a yearly profit-sharing formula that was agreed with the staff unions. A spokesperson confirmed this.
Singapore Airlines Shares Rise 1.2%
On Tuesday, the airline reported good sales for all cabins, especially for flights to South Korea, Japan, and China. On Thursday, the stock market saw the shares of the airline go up by 1.2%.
Singapore Airlines pilots agreed to take pay cuts up to 60% in September 2020. This action saved 400 employees from being fired. A Singaporean newspaper reported on this development.
Singapore Airlines suffered losses of $2.75 billion during the 2020-2022 financial years. The airline industry was heavily impacted by the COVID-19 pandemic. Bloomberg reported on this news.
The merger of Air India and Vistara has started. There is a video to watch about it. This is a big event in the airline industry. Vistara is a newer airline. Air India is older and has a bigger presence. The two will work together now.
In March, the airline group said that passenger capacity went back to 79% pre-COVID levels.
The SIA Group did really well financially in FY2022/23. It's because they planned ahead when borders were still closed. They also did some smart strategies and their employees worked really hard.
In 2023, many people flew with Singapore Airlines and Scoot. The number of passengers was 26.5 million. This is 6 times more than last year. The number of seats on the planes was also higher than before Covid. The increase was 79%.
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