A spokesperson informed CNA on Thursday 18th May 2023, that eligible staff could be paid around 8 months’ following the record earnings of the group, in recognition of the sacrifices they made and their hard work during the pandemic. That additional ex gratia bonus will not be received by Senior management.
On Tuesday, SIA Group reported a record annual profit of S$ 2.16 billion (US$ 1.63 billion) for FY 2022/23, reversing 3 straight years of losses. These earnings also saw Singapore Airlines rebounding from the previous year’s net loss of S$ 962 million.
Budget Airline Scoot follows suit
After it was announced that SIA will give its employees 8 months of bonus, eligible employees of a subsidiary of the national airline – budget airline Scoot will now receive a performance bonus of 4.76 months plus an ex-gratia bonus of upto 1.5 months.
Scoot announced that the record annual performance bonus follows the Group’s record profits in FY 2022/23.
Following the earnings report, Singapore Airlines said that eligible employees would receive around 8 months’ bonus which comprises of a record 6.65 months’ profit sharing bonus and an ex gratia bonus of 1.5 months.
Scoot stated in reply to CNA’s queries, that it would similarly award eligible employees with 0.5 months of ex gratia bonus for each of the last 3 financial years or a maximum total of 1.5 months.
Echoing SIA’s statement, scoot stated that the bumper bonus was in recognition of the hard work, sacrifices and dedication as well as the Group’s successful three-year transformation programme that enhanced its competitiveness, strengthening its foundations for the future.
Singapore Airlines and Scoot carried 26.5 mn passengers collectively in the financial year, upto 6 times from the year before. The passenger load factor of the group increased by 55.3 percentage points to 85.4%, which is the highest in the history of the company. SIA achieved a record passenger load factor of 85.8%, while Scoot’s figure stood at 83.9%.
Scoot also booked a record operating profit of S$ 148 mn, up S$ 602 million from FY 2021/22. SIA covered 74 destinations while Scoot served 58 destinations as of March 31st.
