Hong Kong/New Delhi CNN  —  Singapore Airlines is setting the bar high when it comes to bonus payouts. The carrier will reward its employees with a bonus worth nearly eight months of salary, a person familiar with the matter told CNN on Friday. The person asked not to be named because the information was not intended to be made public. Singapore Airlines did not respond to a request for comment. On Wednesday, the company reported a record annual net profit of $1.98 billion in the 2023 to 2024 fiscal year. “The demand for air travel remained buoyant” throughout the year boosted by a rebound in North Asia as China, Hong Kong, Japan and Taiwan fully reopened their borders after the pandemic, the airline said in its earnings statement. CHICAGO, ILLINOIS - MAY 09: American Airlines flight attendants picket outside O’Hare International Airport to demand higher wages on May 09, 2024 in Chicago, Illinois. According to union officials American Airlines flight attendants have not received a pay increase since 2019. (Photo by Scott Olson/Getty Images) Scott Olson/Getty Images Related article New American Airlines flight attendants are paid shockingly low wages The Singapore flag carrier was named the world’s best airline last year, according to the prestigious Skytrax World Airline Awards. This is the fifth time in the 23-year history of the awards that the airline has scooped the top spot. Goh Choon Phong, the airline’s CEO, said the win was down to the tireless work of his team, who made “many sacrifices to ensure that SIA was ready for the recovery in air travel. That has allowed us to emerge stronger and fitter from the pandemic.” It is not the only airline that is giving its staff a generous bonus. Dubai’s Emirates will pay its staff a bonus equivalent to 20 weeks’ salary, Reuters reported this week, citing an internal email. The state-owned airline, which also posted record full year profit, declined to comment. However, the coming year could be difficult for the sector, Singapore Airlines said in its earnings statement. “Geopolitical tensions, macroeconomic uncertainties, inflationary pressures, and supply chain constraints pose challenges for the aviation industry,” it said. Anna Cooban contributed to this report.