Members of KrisFlyer, SIA's frequent flyer programme, who earn at least 25,000 special upgrade points in this period are eligible for the upgrade.

These points can be used for upgrades from economy to business class, or business to first class. They are awarded on top of the usual KrisFlyer miles whenever a customer flies.

For example, a one-way economy flight from Singapore to Sydney earns you about 3,900 special upgrade points, equivalent to the Krisflyer miles earned on the flight. This means 25,000 points will get you an upgrade on a flight to or from, among others, Australia, New Zealand and any Asian destination.

Customers with at least 40,000 points can upgrade flights to or from anywhere in the SIA network.

SIA's latest promotion comes in the wake of the International Air Transport Association's (IATA) revised forecast of a US$5 billion loss for the global air transport industry this year.

Demand is also projected to fall sharply, with passenger traffic expected to contract by 5.7 per cent over the year.

IATA chief Giovanni Bisignani has described the state of the airline industry today as 'grim'.