Another of the world's best airlines is giving its staff a huge bonus after a 2nd year of record profits

Pete Syme
·2 min read

  • Singapore Airlines staff will receive bonuses worth nearly eight months of salary, per Bloomberg.

  • The airline posted a record net profit of $1.99 billion, up 24% from the previous fiscal year.

  • It comes days after Emirates also announced record profits and reports of a five-month salary bonus.

Singapore Airlines is giving staff a bonus worth almost eight months of their salary, a person familiar with the matter told Bloomberg.

The carrier — one of just 10 in the world rated five stars by Skytrax — posted record profits for the second year running.

It reported a net profit of 2.68 billion Singapore dollars ($1.99 billion) for the last fiscal year. That's up 24% from the airline's previous record high in the 2022-23 fiscal year.

The company said demand "remains healthy" in the first quarter of this financial year, with more bookings to north and southeast Asia. However, it added that passenger yields could moderate as airlines expand capacity in the Asia-Pacific region.

Singapore Airlines also gave staff a huge bonus of up to eight months' salary last year. Part of that was a maximum of one-and-a-half months due to wage cuts during the pandemic, and Bloomberg reports that this year's bonus is, in effect, higher.

Last year, an airline spokesperson told Business Insider the bonus was thanks to "a long-standing annual profit-sharing bonus formula that has been agreed with our staff unions."

This year's announcement comes days after Dubai's airline, Emirates, also posted record profits — up 60% from the previous fiscal year. Local outlet The National reported that Emirates staff will get a bonus worth around five months' salary.

Both Dubai and Singapore are seen as emerging global cities, and both airlines are among the world's best — especially for business travelers.

Singapore Airlines and Emirates were last year ranked second and third for the world's best business class by Skytrax, behind Qatar Airways.

Read the original article on Business Insider