SIA CEO Goh Choon Phong’s Salary Went Up by 88% to $6.73 Million After Record Annual Profits

Singapore Airlines has been on the rise recently, and so is its CEO Goh Choon Phong.

If you thought your salary increment of 20% was amazing, wait till you hear about CEO Goh Choon Phong’s increment.

That’s why they say comparison only makes one bitter.

Here’s what you need to know.

SIA CEO Goh Choon Phong’s Salary Went Up by 88%

For FY2021/2022, SIA CEO Goh Choon Phong’s annual salary was reportedly S$3.59 million.

On 28 Jun 2023, it was reported that Mr Goh’s salary for FY 2022/2023 has increased to S$6.73 million.

We’ll do the math for you, that’s an increase of around 88%, or 87.4% to be exact.

Here’s the breakdown of his annual salary:

• Base pay: S$1.14 million
• Bonuses: S$2.96 million
• Shares & benefits: S$2.63 million

Imagine how many plates of cai png you can buy with that pay.

Record Annual Profits Reverses 3 Straight Years of Loss

On 16 May 2023, Singapore Airlines posted a net profit of S$2.16 billion for FY 2022/2023, a the highest ever in its 76 years of operating.

This was a result of an increase in demand for air travel, operating profit and passenger load factor.

In short, the pandemic ended and people arrived in droves at the airport.

For comparison’s sake, Singapore Airlines posted a net loss of S$962 million the previous year.

Talk about a Brave Girls-like reversal.

CEO Goh Choon Phong Among Highest-Paid Individuals in Industry

According to Bloomberg, this salary increment skyrocketed CEO Goh Choon Phong into the ranks of highest-paid individuals within the industry.

Although he still can’t be compared with highest-paid US airline CEOs (yet), he’s ahead of many others.

For comparison’s sake, Luis Gallego, head of British Airways Plc parent IAG, was only drawing S$4.46 million while Deutsche Lufthansa AG’s Carsten Spohr drew S$4.84 million.

Mom, I made it. I’m using the word “only” on million-dollar salaries.

To get to the highest-paid airline CEO in the industry, CEO Goh Choon Phong will have to beat S$13.24 million, which is held by Scott Kirby at United Airlines Holdings Inc.

With CEO Goh Choon Phong’s FY2022/2023 annual salary, he can be ranked 8 among the highest-paid US airline CEOs for 2022.

Many People Laughing To The Bank

As the saying goes, only with deep pockets will rewards come to those who deserves it.

It’s not just CEO Goh Choon Phong; the 24,000-strong staff of Singapore Airlines are laughing to the bank as well.

On 18 May, SIA announced that eligible employees could stand to receive up to eight months’ bonus.

This eight-month figure comes from adding together 6.65 months’ profit sharing bonus as well as 1.5 months of ex-gratia bonus.

Shareholders of Singapore Airline stocks can also look forward to a final dividend of S$0.28 per share. Including the interim dividend of S$0.10 last year, the total dividend comes out to S$0.38.

I guess you can take it as a form of reward for holding on loyally to your Singapore Airlines stock, believing that it’ll make a comeback one day.