Singapore Airlines, after achieving its highest profits ever, will be giving some of its staff an extraordinary bonus of more than eight months’ salary. This generous bonus is a result of the airline’s longstanding profit-sharing agreement with its staff unions.
Eligible employees will receive a bonus of 6.65 months’ salary based on the airline’s record-breaking profit in the previous financial year. Additionally, there will be an extra bonus of up to 1.5 months’ salary, which is not granted to senior management and is based on the past three years of service.
This bonus is a gesture of appreciation for the dedication, hard work, and sacrifices made by employees, including accepting pay cuts during the pandemic. In September 2020, pilots of Singapore Airlines agreed to significant pay cuts of up to 60%, resulting in saving approximately 400 jobs.
The airline had faced substantial losses of $2.75 billion over the 2020-2022 financial years due to the impact of the COVID-19 pandemic. However, by March of this year, the airline had managed to restore passenger capacity to 79% of pre-pandemic levels.
