Singapore Airlines had an excellent year and insiders say employees will be getting a bumper payday as a result. The airline reported a record annual profit of almost $2 billion this week. Sources tell Bloomberg and CNN that the airline plans to give employees a profit-sharing bonus worth nearly 8 months' of salary. This is the second year in a row that the airline—ranked as the world's best in the Skytrax World Airline Awards—has had a record profit. Last year, employees received a bonus equal to 6.65 months' pay, plus an extra bonus of 1.5 months' pay to reward them for their efforts during the pandemic, CNA reports.
In its earnings statement, the airline said "demand for air travel remained buoyant" in the last financial year, "boosted by a rebound in North Asia," where Japan, China, Hong Kong, and Taiwan "fully reopened their borders." The airline said security issues in the Red Sea had increased demand for air freight from Asia, reports Reuters. But the statement also warned of possible turbulence ahead, noting: "Geopolitical tensions, macroeconomic uncertainties, inflationary pressures, and supply chain constraints pose challenges for the aviation industry." (More Singapore Airlines stories.)
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