The economic fallout from COVID19 has been brutal and extensive.
The aviation industry is one of the hardest hit. With many borders still shut, demand for air travel has fallen off a cliff. The International Air Transport Association (IATA) estimates that up till June alone, we will see more than 4.5million flight cancellations and up to US$314 billion in lost revenues for 2020.
In the midst of this swirling storm, national carrier Singapore Airlines has taken centre stage. Together with subsidiary Silkair and Scoot, the SIA group forms an integral part of our national transportation ecosystem, providing air links to 138 destinations all over the world. Including subsidiary SIA Engineering, the group hires in excess of 27,000 staff. The airlines facilitate travel and trade, and their economic contribution to the country is a healthy multiple of their revenue and profits.
COVID19 has hit SIA hard. The airline has announced capacity cuts of