Following the achievement of its highest profits ever, Singapore Airlines will award some of its employees with extraordinary bonuses totaling more than eight months’ worth of pay. The long-standing profit-sharing agreement between the airline and its staff unions is what led to this generous bonus.
Based on the airline’s record-breaking profit in the prior fiscal year, eligible employees will receive a bonus equal to 6.65 months’ salary. The additional bonus, which is not given to senior management and is based on the prior three years of service, will also be up to 1.5 months’ worth of salary.
This bonus is given as a show of appreciation for the commitment, diligence, and sacrifices that staff members made—including taking pay cuts during the pandemic. The pilots of Singapore Airlines agreed to significant pay reductions of up to 60% in September 2020, saving about 400 jobs in the process.
The COVID-19 pandemic’s effects on the airline resulted in significant losses of $2.75 billion over the 2020–2022 fiscal years. However, the airline was able to restore passenger capacity to 79% of pre-pandemic levels by March of this year.
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