The pandemic was a difficult time for everyone, regarding jobs and business! The aviation industry, particularly, faced loss. Due to travel restrictions, airlines were forced to halt their services. After facing a hard time, Singapore Airlines are finally making profits. And they are treating their employees with a massive bonus! Here’s everything you need to know about this company bonus.
Singapore Airlines Employees To Get A Bonus!
Singapore Airlines recently announced record profits, which will be reflected in the annual bonus for the staff members who reportedly receive eight months’ bonification. This comes after both traffic and earnings dropped during the epidemic. The bonus will reportedly be distributed to qualified employees in two components: a profit-sharing bonus and an ex-gratia payment.
According to the company, this is an appreciation for their dedication and efforts during the epidemic. Eligible employees will receive a profit-sharing incentive equivalent to 6.65 months’ pay and a maximum of 1.5 months’ income as an ex-gratia payment.
Also Read: Air India To Merge With Vistara; Tata Group & Singapore Airlines In Talks
The Airline Is Making A Profit
The airline released record revenue and profit figures for the most recent fiscal year, supported by record passenger loads. For the entire year ended March 31, net profit increased to $2.16 billion, turning around a loss of $962 million from the prior year. Operating income more than doubled to $2.69 billion, turning a $610 million loss into a profit. This followed a record revenue year of $17.78 billion, a 133% increase over the $7.62 billion of 2022. According to the reports, the cost of tickets for Singapore Airlines has doubled after the pandemic.
In short, as a result of this year’s record profit, Singapore Airlines (SIA) is awarding its staff an 8-month wage bonus, or roughly two-third of their annual salary. This is two months more than what Emirates previously stated they would pay out, which already established a very high standard.
So, congratulations to the employees as they will receive a token of appreciation for their hard work and service during the pandemic!
Also Read: Singapore Airlines Launches Daily Flights Between Hyderabad & Australia Via Singapore
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