Singapore Airlines Rewards Mega Bonus To Its Employees After Hitting 13000 Crore Annual Profit

Singapore Airlines will be paying its eligible employees with 8 months salary as bonus after pandemic sacrifices and record annual profit.

Founded 76 years ago on 1 May 1947, Singapore Airlines witnessed a record-breaking profit of Rs. 13000 Crore (1.62 billion dollars) in the last financial year which ended on 31 March 2023.

The flagship carrier of the city-state does not cease to acknowledge the dedication and hard work of all its employees, even during the tough times.

The massive giveaway of the mega bonus is in sync with the appreciation for the hard work and dedication of its employees throughout the Covid-19 pandemic period.

The amazing news that hit the company’s workforce would witness the rewarding of the eligible personnel with a bonus equal to their 8-months wages.

The goodwill gesture that the company has put forth is in gratitude to its employees who have stuck around faithfully even when the pandemic hit, and have dutifully inclined to work with sacrifices, efforts and dedication.

In order to save 400 jobs from being axed out, the pilots associated with the Singapore Airlines had bravely accepted a pay cut up to 60 per cent in September 2020.

The distribution of the bonus would be carried out in such a manner that the ex-gratia bonus would involve a maximum about 1.5 months salary, and the rest of the 6.5 months pay would pertain to the profit-sharing incentive.

The 1.5 months salary pay attributes to the salary of half a month for the last three years, when Covid-19 had disrupted the bonus giveaway. However, the senior executives of the Airlines would not witness an addition ex-gratia bonus.

The staff union have agreed upon the perks based on the time-honored yearly profit sharing bonus formula of the Singapore Airlines.

The Singapore Airlines also saw a rise in its market share to 1.2 per cent on Thursday.

In a single year, the Airlines, along with its low-cost subsidiary Scoot, has reached almost 79 per cent of the pre-COVID times in the month of March.

More than 26.5 million passengers that makes about 6 times more passengers have preferred the Singapore Airlines for travelling.

The Singapore Airlines, on Monday, claimed that the month of April noted a surge in the number of passengers by 53 per cent compared to the same month in FY22.

The jet had reportedly transported about 1.75 million travelers in April 2023.

Forward sales, with huge reservations to South Korea, China and Japan have been strongly noted by the company across all cabin classes in a healthy manner.

Whereas, the financial years of 2020-2022 reported an overall loss of 2.75 billion dollars, as the Covid-19 pandemic had affected the Airlines Industry.

Therefore, the record financial performance for FY 2022/23 by the Singapore Airlines is considered to be a testimonial that in spite of all the hardships, one can easily clear off the winds to come out with flying colors.

The salute goes to the pre-emptive preparations and the strategic proactive initiatives that ensued even when borders were closed and the air travelling was restricted.

This heartwarming undertaking by the SIA should be an enlightenment for all industries and companies of how employers should reward their loyal and dutiful employees and appreciate even their little efforts that can lead any company to big success.

The Singapore Airlines which caters to about 75 destinations worldwide has Goh Choon Phong as its Chief Executive Officer, and is a child company of Temasek Holdings.

It was the first to put forward and provide service by the world’s largest passenger aircraft, the Airbus A380 and Boeing 787-10.

Cathay Pacific, on the contrary, is seen to hand out 6000 free ticket trips to Hong Kong from different regions including India, Australia, America, Nepal, Bangladesh among many others.

Cathay Pacific Airways, the Hong Kong contender of Singapore Airlines can also see a bright spot to achieve comparable profit revenues, if it puts in the dedication and team work.

Nevertheless, the revenue that hit last year was just a little near the half of pre-Covid levels, and it has to toil harder to reach the same boat as Singapore Airlines.

Proofread & Published By Naveenika Chauhan