Singapore Airlines is set to reward its employees with nearly 8 months’ salary, according to a report by Channel News Asia. This reward comes after the airline recorded record profits in the 2022-2023 financial year, and CEO Goh Choon Phong announced that each employee will receive a profit-sharing bonus equivalent to 7.94 months’ salary – the highest amount in the airline’s history.
In May 2023, Singapore Airlines handed out bonuses totaling about 8 months’ salary to its employees. These bonuses included a profit-sharing bonus of 6.65 months’ salary, as well as an additional 1.5 months’ salary to acknowledge the efforts of employees during the pandemic. The airline noted that these bonuses were based on a long-term profit-sharing bonus formula agreed upon with the union.
Last year, Singapore Airlines was recognized as the World’s Best Airline by Skytrax for the fifth time. CEO Goh Choon Phong attributed this accolade to the collective efforts of the employees who worked tirelessly to ensure the airline’s readiness for the industry’s recovery post-pandemic. Despite this recognition, there are challenges ahead for Singapore Airlines and other companies in the aviation industry in areas such as geopolitical tensions, macroeconomic instability, inflationary pressures, and strained supply chains.
Singapore Airlines is not alone in recognizing and rewarding its employees during challenging times. Emirates airline in Dubai and Eva Airways in Taiwan also handed out substantial bonuses to their employees after achieving record profits earlier this year. The aviation industry is showing signs of recovery, with strong flight demand in North Asian markets, but it is not without its challenges as it navigates various global uncertainties.
In conclusion, companies like Singapore Airlines recognize and appreciate their employees’ hard work and dedication during challenging times by rewarding them generously through substantial bonuses or other perks such as flexible working hours or extra vacation days.
