SIA’s Goh Choon Phong sees total annual pay jump 86% to S$6.7 million

SINGAPORE Airlines (SIA) chief executive officer Goh Choon Phong’s remuneration rose 86 per cent to S$6.7 million for the financial year just ended.

Goh’s compensation in the previous corresponding year was S$3.6 million, according to the company’s annual report. 

Following record earnings for the year ended March, SIA rewarded eligible employees with a profit-sharing bonus of 6.65 months, and a maximum total of 1.5 months of ex-gratia bonus in recognition of their hard work and sacrifices during the pandemic.

Strong demand and a continued recovery in the global aviation industry pushed SIA’s net profit to a record S$2.2 billion, versus a net loss of S$962 million in FY2021/22.

The board also rewarded shareholders with a proposed final dividend of S$0.28 per share. Including the interim dividend of S$0.10 per share, the total dividend payout for the fiscal year stands at S$0.38 per share. 

SIA told The Business Times recently that its staff profit-sharing compensation is based on a long-standing formula agreed with staff unions. It will also award an additional 0.5 month of ex-gratia bonus for each of the last three financial years, or a maximum total of 1.5 months, to eligible employees.

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“SIA senior management will not receive this additional ex-gratia bonus,” the spokesperson added.

The group now has some 24,000 employees on its payroll, up 12.3 per cent year on year.