CNA – The bumper bonus comes after Singapore Airlines booked a record annual profit of SGD2.16 billion, reversing three years of losses. Eligible employees of budget airline Scoot, a Singapore Airlines (SIA) subsidiary, will receive a performance bonus of 4.76 months plus an ex-gratia bonus of up to 1.5 months.
The “record” annual performance bonus “follows the SIA Group’s record profits in Fiscal Year (FY) 2022/23”, Scoot said yesterday.
SIA Group on Tuesday reported a record annual profit of SGD2.16 billion (USD1.63 billion) for FY2022/23, reversing three straight years of losses.
Following the earnings report, SIA said eligible employees could receive around eight months’ bonus, comprising a record 6.65 months’ profit-sharing bonus and an ex-gratia bonus of 1.5 months.
In response to CNA’s queries, Scoot said it would similarly award 0.5 months of ex-gratia bonus for each of the last three financial years, or a maximum total of 1.5 months, to eligible employees.
Echoing SIA’s statement, Scoot said the bumper bonus was in recognition of employees’ “dedication, hard work and sacrifices, as well as the success of the group’s three-year transformation programme that has enhanced its competitiveness and strengthened its foundations for the future”.
SIA and Scoot collectively carried 26.5 million passengers in the financial year, up six times from a year before.
The group’s passenger load factor increased by 55.3 percentage points to 85.4 per cent – the highest in the company’s history. SIA achieved a record passenger load factor of 85.8 per cent, while Scoot’s figure stood at 83.9 per cent.
Scoot also booked a record operating profit of SGD148 million, up SGD602 million from FY2021/22. As of March 31, SIA served 74 destinations while Scoot covered 58 destinations.