32-Weeks’ Salary Bonus for Singapore Airlines Employees in 2024

  • Singapore Airlines reported a record-breaking net profit of S$2.675 billion ($2.0 billion USD) for the fiscal year 2023-2024, marking a significant 24% increase from the previous year and a strong recovery after three years of losses.
  • The airline achieved a substantial increase in capacity, with an 88% average load factor and a 37.6% rise in passenger numbers to 36.4 million, despite a slight reduction in yields and a significant drop in cargo revenue.
  • Employees are being awarded bonuses equivalent to nearly eight months of salary, setting a new industry benchmark for financial appreciation and reflecting the airline’s remarkable performance and recovery amidst the pandemic.

In an unparalleled display of financial appreciation, is set to award its staff bonuses roughly equivalent to eight months’ salary. This announcement follows the airline’s declaration of a 32-week profit-sharing bonus, an impressive figure that equates to 7.94 months of salary. This generous profit sharing is the result of a formula long agreed upon by the airline and its unions, highlighting a substantial reward for the employees’ dedication and hard work.

Also Read: How to Apply Singapore Airlines (SIA) Cabin Crew Hiring

Singapore Airlines stands out not only in its staggering bonus percentages but also in setting a new industry benchmark. By comparison, Emirates recently announced its own bonus initiative, rewarding staff with a considerable 20 weeks’ worth of pay—a discretionary gesture from its management. Furthermore, in the landscape of U.S. airlines, Delta leads with profit sharing, having recently doled out bonuses constituting 10.4% of overall pay to its employees. Yet, these bonuses pale in comparison to what Singapore Airlines staff are set to receive.

singapore airlines aircraft plane
Image: Singapore Airlines

Singapore Airlines’ Record-Breaking Bonus Payments Amid Pandemic

Last year, Singapore Airlines had already broken its previous bonus records by offering a two-tiered bonus system. Employees first received a profit sharing bonus equal to 6.65 months of salary, followed by an ex-gratia bonus of 1.5 months of salary, acknowledging their exceptional efforts and sacrifices amid the pandemic challenges.

This latest bonus round is a testament to the employees’ contractual entitlement to such rewards and underscores the immense value frontline staff bring to the airline. Remarkably, these bonuses can amplify an employee’s annual salary by more than 60%, showcasing the thriving state of some airlines.

Unprecedented Financial Triumphs

Singapore Airlines disclosed its results for the 2023-2024 fiscal year ending March 31, 2024, marking the company’s most successful year in its 77-year history. The airline reported a staggering net profit of S$2.675 billion ($2.0 billion USD), which represents a 24% increase over the previous year—signifying a remarkable turnaround after three consecutive years of losses.

Comparing year-over-year metrics provides insight into Singapore Airlines and its low-cost subsidiary Scoot’s performance:

  • The average load factor rose to 88%, showing a 2.6% improvement.
  • Passenger numbers soared to 36.4 million, marking a 37.6% increase.
  • Yearly revenue climbed to S$19 billion, up by 7%.
  • However, revenue per available seat kilometer dipped slightly by 7.6% to S$0.0109.

The last financial year was characterized by a strategic capacity increase, nearing pre-pandemic levels, while balancing a slight decrease in yields. Despite a substantial 41.2% drop in cargo revenue compared to the previous year—a consequence faced industry-wide—Singapore Airlines’ cargo revenue was still 29.8% higher than pre-pandemic figures, underscoring a shift in cargo revenue dynamics within the aviation industry.