SIA chief Goh Choon Phong's total annual pay soars 86% to $6.7 million

SINGAPORE - Singapore Airlines (SIA) chief executive Goh Choon Phong’s remuneration rose 86 per cent to $6.7 million for the financial year (FY) ended March 31, 2023.

Mr Goh’s compensation in the previous corresponding year was $3.6 million, according to the company’s annual report. 

For the FY, the aggregate total remuneration paid to SIA’s key management personnel, excluding Mr Goh, amounted to $8.8 million.

Chairman Peter Seah was paid around $597,000 in fees and benefits for the FY.

Following record earnings for the recent FY, SIA rewarded eligible employees with a profit-sharing bonus of 6.65 months, and a maximum total of 1.5 months of ex-gratia bonus in recognition of their hard work and sacrifices during the pandemic.

Strong demand and a continued recovery in the global aviation industry pushed SIA’s net profit to a record $2.2 billion, versus a net loss of $962 million in the previous FY.

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The SIA Group, which includes its budget airline Scoot, operates a total of 188 aircraft connecting Singapore to 109 destinations. It carried some 26.5 million passengers during the FY just ended.

SIA said recently that its staff profit-sharing compensation is based on a long-standing formula agreed with staff unions. It will also award an additional half month of ex-gratia bonus for each of the last three financial years, or a maximum total of 1.5 months, to eligible employees.

“SIA senior management will not receive this additional ex-gratia bonus,” the spokesperson added.

The group now has some 24,000 employees on its payroll, up 12.3 per cent year on year. 

The board also rewarded shareholders with a proposed final dividend of 28 cents per share. Including the interim dividend of 10 cents per share, the total dividend payout for the fiscal year stands at 38 cents per share. 

Shares of SIA traded at $7.52 at around noon on Wednesday.

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This article was first published in The Straits Times. Permission required for reproduction.