SIA to pay bonus of about 8 months to rank-and-file staff following record profit
Tay Peck Gek
SINGAPORE Airlines (SIA) will be rewarding eligible employees with a profit-sharing bonus of 6.65 months following the group’s record earnings, and a maximum total of 1.5 months of ex-gratia bonus in recognition of their hard work and sacrifices during the pandemic.
The annual profit-sharing compensation is based on a long-standing formula that has been agreed with staff unions, a spokesperson from the airline told The Business Times on Wednesday (May 17).
SIA will 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.
This is to recognise their “dedication, hard work, and sacrifices, including pay cuts during the pandemic”, as well as the success of SIA’s three-year transformation programme that has enhanced its competitiveness and strengthened its foundations.
“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.
In September 2020, the carrier announced that it would cut around 4,300 positions, although the number of employees hit by the exercise was about half that, because measures such as a recruitment freeze, natural attrition and voluntary departure schemes cushioned the blow.
SIA on Tuesday reported record earnings of S$2.2 billion for the year ended Mar 31, erasing a loss of S$962 million the year before. Revenue surged 133.4 per cent year on year to a record-high of S$17.8 billion from S$7.62 billion.
