Record Year at Singapore Airlines Boosts CEO Pay at S$8.1 Million

Goh Choon Phong, CEO of Singapore Airlines (SIA), received an annual remuneration of S$8.1 million for FY2024, marking a 20.6% increase from the previous year. This rise comes in a landmark year for the airline, which reported its highest-ever net profit.

The annual report released on July 1 detailed Goh’s compensation package, which included a basic salary of S$1.4 million (18% of total remuneration), S$2.2 million in bonuses (27% of the total), and S$4.3 million in SIA shares. Additional benefits amounted to nearly S$148,000.

SIA’s impressive financial performance saw a net profit of S$2.7 billion, up from S$2.2 billion in FY2023. This profitability enabled the airline to award eligible employees almost eight months of profit-sharing bonuses.

In FY2023, Goh’s remuneration was S$6.7 million, comprising S$1.1 million in basic salary, S$3 million in bonuses, S$2.5 million in shares, and S$146,000 in benefits. By the end of FY2024, Goh held approximately 4.3 million shares in SIA.

Chief Commercial Officer Lee Lik Hsin and Chief Operations Officer Tan Kai Ping also saw their compensation increase, each receiving between S$3.5 million and S$3.75 million for FY2024, compared to between S$2.75 million and S$3 million in FY2023.

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