SINGAPORE: Eligible employees at Singapore Airlines (SIA) could receive around eight months' bonus, following the group’s record earnings, a spokesperson told CNA on Thursday (May 18).
This bumper payment comprises a record-breaking 6.65 months' profit sharing bonus and an ex-gratia bonus of 1.5 months.
“The bonus for SIA employees is based on a long-standing annual profit-sharing bonus formula that has been agreed with our staff unions,” the company’s spokesperson said.
SIA Group on Tuesday reported a record annual profit of S$2.16 billion (US$1.63 billion) for FY 2022/23, reversing three straight years of losses. The earnings also saw the company rebounding from a S$962 million net loss the previous year.
Strong demand for air travel drove revenue, operating profit and passenger load factor, said SIA.
MAXIMUM TOTAL OF 1.5 MONTHS EX-GRATIA BONUS
SIA will award 0.5 months of ex-gratia bonus for each of the last three financial years, or a maximum total of 1.5 months, to eligible employees.“Senior management will not receive this additional ex-gratia bonus,” the spokesperson said.
https://www.channelnewsasia.com/bus...months-bonus-following-record-profits-3497551

