The IPO bonus was a one off and had been dangled in front of everyone as a means of keeping the terms and conditions down. Now a skipper who stays three years gets S$30 000 or profit share (max of about S$4500/year IF targets are met).
Pension plan - Central Provident Fund requires:
1. Six to eighteen months on an employment pass before you can apply with any chance of permanent residence being granted.
2. Six to twelve month wait for an answer, and they are being a lot more selective these days.
3. Two years on reduced contributions before the company pays the full amount of S$650/month. You will be paying S$900 as well.
After a few months experience in the region and having made a few contacts, these contract pilots will be well placed to move on if Tiger try to negotiate downwards when renewal time comes around.
Tiger need to attract and retain a stable workforce if they are to achieve their expansion plans