Evergreen Employees To Receive An Additional Mid-Year Bonus After A Profitable Year

Evergreen Marine Corp., a Taiwanese shipping company, will reward its employees with a mid-year bonus after an extremely profitable year.

In January, the company made headlines by rewarding its employees with bonuses of up to 52 months for 2022.

This means that employees will receive about 60 months of salary in 2022.

Evergreen1
Image for representation purposes only

Evergreen employees will be paid for a period of 60 months
According to Taiwanese media, Evergreen will earn NT$627.284 billion (S$27.5 billion) in 2022, up 28.17% year-on-year. Meanwhile, the company’s net profit after tax was NT$334.201 billion ($14.7 billion), up 39.82% year-on-year.

These numbers are taken from the company’s 2022 financial report, published on Tuesday, March 14.

Evergreen announced NT$1.918 billion (S$84 million) in bonuses mid-year. The company employs nearly 3,100 people with an average income of NT$60,000 (S$2,600) per month. This means that each person will receive a mid-year bonus which is equivalent to 10 to 11 months’ salary. Employees will receive bonuses totalling approximately 60 months’ salary in 2022.

Profits in 2023 haven’t been so strong so far.
However, Evergreen has been unprofitable this year, at least compared to its 2022 results.

Hsieh Huey-Chuan, President of Evergreen Marine, said the company’s profit for the first two months of 2023 was NT$44,922 billion (S$1.9 billion), up 59.94 on a year-on-year basis.

He attributed this to the Lunar New Year holiday as well as the impact of the Covid pandemic on the production line. This leads to a drop in freight volumes and a spiralling drop in freight rates.

Although he predicts the market will recover in Q2 2023, “any real comeback may have to wait until the second half,” he added.
It will also depend on the end of the war between Russia and Ukraine.

Bonus one year, 61 months salary

Let’s do some quick math to see how much bonus a worker earning the average salary will get.
If an employee earns NT$60,000 per month, he will receive a NT$3.66 million (approximately S$160,600) bonus if he works for 61 months. However, we wonder if a higher monthly net salary or such a generous bonus would be preferable.

Source: Must Share News, The Straits Times

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