Singapore Airlines (SIA) recently announced that it will be paying out record-breaking bonuses to its eligible employees, with a total award of around 6.65 months of salary. The bonus payout comes following a record-breaking financial year for the airline, which saw the group report a net income of $1.6bn for the year 2022/23. This marks a sharp turnaround from previous years, in which the company suffered losses totaling $2.75bn between 2020 and 2022 due to the COVID-19 pandemic.
According to a spokesperson for Singapore Airlines, the bonus is given in recognition of the dedication and hard work of employees during the pandemic. The airline’s staff, including pilots, made sacrifices such as taking pay cuts in order to save the company from further financial hardship. This gesture from the company comes as a way of recognizing their employees’ hard work and dedication during this challenging time.
SIA’s annual profit of SGD2.16bn ($1.63bn) for FY 2022/23 marks a reversal of three straight years of losses, and can largely be attributed to the success of the company’s three-year transformation programme. The turnaround is also thanks to strong demand for air travel, which drove revenue, operating profit, and passenger load factor. This success is a testament to SIA’s commitment to innovation and continued growth, even during times of crisis.
In addition to the profit-sharing bonus of 6.65 months, eligible employees will also receive an ex-gratia bonus of up to 1.5 months. This bonus is a maximum of 0.5 months for each of the last three financial years. SIA employees have expressed their gratitude for the bonus, with one employee calling it “well deserved.”
Singapore Airlines is not the only airline that has rewarded its employees with significant bonuses and payouts as a show of appreciation for their dedication during the pandemic. Emirates, Delta Air Lines, and Southwest Airlines have also rewarded their employees with substantial bonuses. Emirates announced a 24-week bonus for all employees, equivalent to six months’ worth of salary. Delta Air Lines gave employees a 5.6% bonus for Valentine’s Day this year, while Southwest Airlines earmarked $45 million in bonuses for its pilots.
The bonus payout for SIA is a reflection of the airline industry’s recovery from the pandemic and its return to profitability. As demand for air travel picks up, airlines are reporting strong profits and are able to reward their employees for their hard work during the pandemic. The bonuses are a welcome relief for employees who have weathered a challenging couple of years due to the pandemic.
In other news related to Singapore Airlines, a former pilot for the company was recently sentenced to five months’ jail after being found guilty of evading taxes. The pilot, Soo Wai Gie, was charged with creating and submitting false invoices for his rental properties and providing false information to tax authorities. His actions resulted in nearly SGD57,000 ($43,000) of taxes being undercharged.
While this news is unfortunate, it is important to remember that the vast majority of employees at Singapore Airlines are dedicated, hardworking individuals who have shown exceptional resilience during the pandemic. The bonus payout is a testament to their hard work and commitment and serves as a reminder of the positive impact that employees can have on a company’s success.
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