Singapore Airlines rewards staff with massive early bonuses after record-breaking profits

Singapore Airlines reported a record-breaking S$2.67 billion ($3.23 billion) profit, rewards staff with generous bonuses. Photo / Getty Images

The mid-year bonus arrives early for Singapore Airlines employees.

Singapore Airlines, one of the world’s premier airlines, is set to reward its staff generously following a year of unprecedented success.

A stock exchange filing announced last Wednesday that Singapore Airlines has achieved a phenomenal S$2.67 billion ($3.23 billion) profit for the fiscal year 2023-2024, a 24 per cent increase from the previous year.

Despite facing stiff competition, rising costs, and global uncertainties, Singapore Airlines bounced back strong, hitting 97 per cent of its pre-Covid passenger numbers by March.

The joyous moment prompted Singapore Airlines to distribute bonuses equivalent to 6.65 months’ pay plus an extra 1.5 months’ salary for pandemic-related efforts.

This is a similar effort done by Emirates, which granted its employees five weeks of bonus following its own record profit.

Better news even followed after the announcement, as Singapore Airlines’ stock price increased by 0.4 per cent on Thursday, with a total increase of 4.3 per cent for the year.

Singapore Airlines staff receive a well-deserve bonus after an amazing performance for the fiscal year 2023-2024. Photo / Nicky Loh/Bloomberg via Getty Images

However, while Singapore Airlines is soaring high, Bonza Airlines crashed at the unfortunate end of the aviation spectrum, as the budget airline collapsed less than 18 months after its first flight, leaving over 60,000 passengers stranded.

Analysts speculated that the collapse was caused by the failure to secure a foothold in Australia’s highly competitive “Golden Triangle” market of Brisbane-Sydney-Melbourne.

“The Golden Triangle is so important because this is where most of the action happens and where the money is being made,” Professor Rico Merkert, deputy director at the Institute of Transport and Logistics Studies at the University of Sydney Business School, told NCA NewsWire.

However, some say that the collapse was expected, as the airline already faced poor customer service, complaints, flight delays, and cancellations one month after their first flight.