Singapore Air asks pilots to volunteer for no-pay leave

Singapore Airlines, the world's second-largest carrier by market value, said on Friday it has asked its pilots to volunteer for a no-pay leave of up to two years as the industry was hit by weak demand and soaring jet fuel prices.

The move comes on the heels of a 53% plunge in third-quarter net profits for the Singapore flag-carrier, which recently also announced a 20% capacity cut for its cargo operation and higher fuel surcharges.

The offer is open to senior first officers, first officers, second officers and cadet pilots, for durations of between one week and two years to address a surplus of pilots, Singapore Air spokesman Nicholas Ionides said in an email.