Singapore Airlines staff are reportedly getting a big bonus after the airline posted a record annual profit.
AsiaOne reported that during SIA's annual general meeting, it was announced that all rank-and-file staff would be getting between six to eight months of bonus.
The announcement was apparently met with cheers.
The Business Times reported that the bonus has two components -- a profit-sharing bonus of 6.65 months and an ex-gratia bonus of up to 1.5 months -- 0.5 month for each of the last three financial years.
The ex-gratia component is in recognition of the staff's “dedication, hard work, and sacrifices, including pay cuts during the pandemic” and it is only given to eligible staff.
Senior management will not receive the ex-gratia bonus.
Highest net profit in 76-year history
Singapore Airlines announced on May 16 that it hit record revenue and profit for the 2022/23 financial year.
This was after traffic picked up after border openings early in 2022.
For the year ended March 31, 2023, SIA hit a record revenue of S$17.78 billion -- a 133 per cent increase from March 2022’s S$7.62 billion.
The company posted a net profit of S$2.16 billion.