Not long after that SIA started to cut staff salaries and later urged the staff to go on unpaid leave. SIA reduced almost 11% of its flights and parked some of its aircrafts in the Arizona dessert.
CC was left with fewer flights to operate and resulted in lower take home pay.
As the credit crunch began to bite harder,SIA lost $466 million in the first half of 2009,a stunning reversal of the $682 it made in the same period the year before.
Now we hardly see cabin crew flashing their Rolex watches and Louis Vitton bags. Some have disposed off their cars,apartments and houses and downgraded to cheaper and smaller units. Others have moved in to stay with their parents.
Some cc have even declared bankrupt as they could not service their loans or pay back whatever they owed to lending institutions.
Many are taking public transport (BT met many of them in buses and MRT) while some even use motorbikes and bicycles as their means of transport.
But all is not lost as SIA ceo Mr. Chew Choon Seng puts it in today's Straits Times "More noteworthy is the fact that we are seeing a definite pick-up in bookings in business class...we are starting to see bankers in suits back in the first class and business class,so that is the encouraging part".
So cc should be returning in throngs at the pawn shops to redeem their Rolex watch,jewelleries etc... while some may have already visited car showrooms to book for their favourite brands of Toyota,Honda and to a certain extent Mercedes ( junior cc would probably visit Korean and China made car showrooms)