Singapore Airlines CEO salary jumps 21% on back of record earnings

Singapore Airlines (SIA) CEO Goh Choon Phong's compensation saw a significant jump following the airline's record-breaking financial performance in 2023. According to the company's annual report released in July 2024, Goh's total remuneration reached S$8.11 million, a hefty 21% increase compared to the previous year. This surge aligns with SIA's impressive financial results. The company achieved its highest-ever full-year operating and net profits, driven by a robust rebound in air travel demand. 

Buoyed by the reopening of key markets like North Asia, SIA witnessed a surge in passenger revenue, leading to a record S$2.7 billion profit for the fiscal year ending March 2024. Goh's pay package reflects a combination of base salary, bonuses, and share awards. While his base salary saw a moderate increase to S$1.44 million, the bulk of the raise stemmed from performance-based bonuses and vested share awards. This structure links executive compensation directly to the company's financial performance, potentially incentivizing strong leadership and strategic decision-making.

The news of Goh's pay rise coincides with generous bonuses awarded to SIA staff. The airline announced employee bonuses equivalent to nearly eight months' salary in recognition of their contributions during a challenging period. This move highlights SIA's commitment to rewarding both its leadership and workforce for their roles in achieving record profits.

However, Goh's pay increase is likely to spark discussions about executive compensation in the airline industry.  While some may view it as a fair reward for leading SIA through a successful year, others might raise concerns about the widening gap between executive pay and employee salaries.