Goh Choon Phong, Singapore Airlines CEO Bags 88% Pay Rise

Goh Choon Phong

In the fiscal year 2022–2023, Singapore Airlines (SIA) reported a record annual profit, recovering from the severe slowdown brought on by the COVID–19 epidemic.

The SIA CEO, Mr. Goh Choon Phong, saw his annual remuneration increase by 88% to S$6.73 million (US$4.98 million) from S$3.59 million the previous year, according to the airline’s annual report released on Wednesday (28 Jun).

Goh, who has served as CEO since 2011, receives a basic salary of S$1.14 million, bonuses in the amount of S$2.96 million, and shares and benefits in the amount of S$2.63 million.

In March 2020, when demand for air travel was at its lowest, SIA obtained up to S$19 billion in investment, the majority of which came from Temasek Holdings.

The state fund said it would finance the issuance of convertible bonds and shares for up to S$15 billion.

The current success of the airline may undoubtedly be attributed to this financial injection, which Temasek International Chief Executive Dilhan Pillay Sandrasegara termed as a step to assure SIA’s growth beyond the epidemic.

However, the assistance was expensive. Around 2,400 employees, or nearly 9% of SIA’s workforce, were laid off globally in 2020. Despite the reductions, SIA still employs about 24,000 people today.

SIA announced that qualifying personnel would receive an equivalent of an eight-month bonus as a thank you for their dedication and sacrifices.

In addition, the airline will grant ex-gratia bonuses totalling 1.5 months, or 0.5 months for each of the previous three fiscal years, albeit senior management will not participate in this programme.

On a more positive note, SIA issued a final dividend of S$0.28 per share along with an interim dividend of S$0.10 per share, rewarding investors.

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