After SIA announced that it will give its employees 8 months of bonus, eligible employees of budget airline Scoot which is a subsidiary of the national airline will now receive a performance bonus of 4.76 months plus an ex-gratia bonus of up to 1.5 months.
The “record” annual performance bonus “follows the SIA Group’s record profits in FY2022/23”, Scoot said on Saturday (May 20).
SIA Group on Tuesday reported a record annual profit of S$2.16 billion (US$1.63 billion) for FY2022/23, reversing three straight years of losses.
Following the earnings report, SIA said eligible employees could receive around eight months’ bonus, comprising a record 6.65 months’ profit-sharing bonus and an ex-gratia bonus of 1.5 months.
In response to CNA’s queries, Scoot said it would similarly 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.
Echoing SIA’s statement, Scoot said the bumper bonus was in recognition of employees’ “dedication, hard work and sacrifices, as well as the success of the group’s three-year transformation programme that has enhanced its competitiveness and strengthened its foundations for the future”.
SIA and Scoot collectively carried 26.5 million passengers in the financial year, up six times from a year before.
The group’s passenger load factor increased by 55.3 percentage points to 85.4 percent – the highest in the company’s history. SIA achieved a record passenger load factor of 85.8 percent, while Scoot’s figure stood at 83.9 percent.
Scoot also booked a record operating profit of S$148 million, up S$602 million from FY2021/22.
As of Mar 31, SIA served 74 destinations while Scoot covered 58 destinations.
