‘World’s best airline’ to pay employees bonus of 8 months’ salary
By Ryan General
Singapore Airlines is celebrating record profits by rewarding employees with bonuses worth nearly eight months’ salary.
Key points:
- A source told CNN that each employee is getting an equivalent to 6.65 months of pay plus an additional 1.5 months for pandemic-related efforts.
- The news comes after the airline reported a record annual net profit of $1.98 billion in the 2023 to 2024 fiscal year, a 24% increase from the previous year.
- Singapore Airlines has thrived due to a combination of factors including strong demand, efficient operations and a focus on luxury travel.
The details:
- Singapore Airlines was named the world’s best airline by Skytrax World Airline Awards for the fifth time last year. Singapore Airlines CEO Goh Choon Phong praised employees at the time for their sacrifices that helped the airline emerge stronger from the pandemic.
- In its earnings statement on May 15, the airlines reported that “the demand for air travel remained buoyant” due to a rebound in North Asia travel and a thriving cargo sector.
- Singapore Airlines’ stock price increased by 0.4% the day following the announcement, with a total increase of 4.3 % for the year.
- While the airline is optimistic about the future, it acknowledges challenges such as geopolitical tensions and economic uncertainties.
Tangent:
- Emirates, another luxury airline, also recently rewarded its employees with generous bonuses.
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