Taiwan’s Evergreen Marine Corp. is celebrating a standout year it has experienced by awarding exceptional bonuses to its staff.
The Taipei-based shipping firm has been handing out bonuses during the year-end equal to 50 months of salary, or over four years’ pay, on average, per a person who knows about the matter. However, the size of the windfall varies based on an employee’s designation and job function. The person mentioned that outsized bonuses apply only to staff with Taiwan-based contracts.
Year-end bonuses have been based on the performance of the firm in the year and the individual performances of employees, Evergreen Marine mentioned in a statement on Friday.
Evergreen Marine’s generosity has resulted from an unforeseen industry-wide shipping boom over the last two years, driven by a pandemic-fueled demand for freight rates and consumer goods. The firm’s 2022 revenue is expected to soar to a record NT$634.6 billion, surpassing the sales in 2020.
Evergreen Marine had made it to the headlines for the wrong reasons in 2021 when a vessel in its fleet got stuck in the waters of the Suez Canal, roiling the supply chains, now doled out bonuses that equal 52 months of salary, Economic Daily News highlighted recently. Some of the firm’s employees received over $65,000 on 30 Dec without mentioning where they received this information.
Not every Evergreen Marine’s staff has been this lucky. The company’s Shanghai-based workers have complained of unjust treatment after receiving bonuses of between five and eight times their monthly salaries, Caixin mentioned, citing the local workers.
However, the recent payday may be as good as it gets for the foreseeable future. Shipping majors have warned that the weakening global growth merged with dropping freight rates will most likely significantly hurt profitability in 2022.
References: Times Of India, Economic Times