Amidst the wave of employee turnover, there are those who remained steadfastly loyal to their employers, such as Singapore Airlines (SIA). These employees are now reaping the benefits of their commitment and dedication.
SIA, in a recent announcement, revealed that it had achieved an impressive annual profit of approximately $2.16 billion for the fiscal year 2022/2023. This outstanding financial result marks a robust rebound for the airline after enduring three consecutive years of losses triggered by the COVID-19 pandemic and subsequent border closures. The successful revival of the SIA group not only strengthens the company but also brings positive outcomes for its dedicated workforce.
In recognition of the employees’ unwavering loyalty and contribution, SIA has unveiled a generous bonus program. Eligible employees have the potential to receive up to eight months’ worth of bonuses, which is equivalent to three-quarters of a year’s salary. This substantial figure consists of a profit-sharing bonus of 6.65 months and an ex-gratia bonus of 1.5 months. The profit-sharing bonus reflects the company’s commitment to sharing its success with its workforce, aligning their interests and rewards.
Furthermore, the ex-gratia bonus, which is an additional discretionary payment made by the company, further demonstrates SIA’s appreciation for its employees’ dedication and perseverance. Over the course of the last three financial years, this ex-gratia bonus has accounted for 0.5 months’ salary for each year. This recognition serves as a testament to the company’s commitment to recognising and rewarding the efforts of its employees, particularly during challenging times.
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