OMG! This airline will give 8 months bonus salary to its employees, record-breaking profit of 13000 crores!
PC: Singapore Airlines
Singapore Airlines is preparing to give huge bonuses to its employees, which is great news for the employees of the company. After posting a record-breaking annual profit of Rs 13,000 crore, the airline will give a bonus equivalent to almost eight months' salary to its employees.
How will the Mega Bonus be distributed?
According to an airline representative, in appreciation of their dedication and efforts during the pandemic, eligible employees will receive a profit-sharing incentive equivalent to 6.65 months' salary and a maximum of 1.5 months' earnings as an ex-gratia bonus. There will be no ex-gratia amount for senior officers.
"The bonus for Singapore Airlines employees is based on a long-standing annual profit-sharing bonus formula agreed with our employee unions," the spokesperson said. On Tuesday, the city-state's national airline declared a net profit of S$2.16 billion ($1.62 billion or Rs 13,000 crore) for the fiscal year ending March 31.
The company also said that forward sales are strong across all cabin classes, with reservations from China, Japan, and South Korea. Shares of Singapore Airlines rose 1.2% on Thursday. Passengers traveled six times in a year (26.5 million) on Singapore Airlines and its low-cost subsidiary Scoot, reaching 79% of pre-Covid levels in March.
Singapore Air reported on Monday that it carried 1.75 million passengers in April, up 53% from the same month last year. As last year's revenue was about half of the pre-pandemic levels, Hong Kong competitor Cathay Pacific Airways Ltd. also has a ways to go to achieve similar heights.