Business

Huge bonus of 50 months’ salary awarded by shipping lines



Taiwan‘S Evergreen sea Corp. is celebrating an outstanding year by awarding some of its employees with excellence awards.
The Taipei-based shipping company is giving year-end bonuses equal to 50 months’ salary, or more than four years’ salary on average, according to a person familiar with the matter. The person said the size of the surprise income varies depending on the employee’s rank and job function, and the superior bonuses only apply to contract employees working in Taiwan, who This said, asking to remain anonymous because the details are private.
Year-end bonus is always based on the company’s performance during the year and the individual achievements of employees, evergreen Marine said in a statement Friday, declining to elaborate.
Evergreen Marine’s generosity is the result of an unprecedented shipping boom across the industry over the past two years, driven by demand for consumables and soaring freight rates due to the pandemic. The company’s 2022 revenue is expected to soar to a record NT$634.6 billion ($20.7 billion), more than triple its 2020 revenue.
Evergreen Marine’s annual revenue surged |
Evergreen Marine, the company gained attention for all the wrong reasons in early 2021 when a ship it operated got stuck in Suez Canal, which upsets the supply chain, split bonuses up to 52 months’ salary, Taipei’s Economic Daily News reported last week. Some employees received payments of more than $65,000 on December 30, the news agency said, without disclosing where they got the information from.
However, not all Evergreen Marine employees are so lucky. Shanghai-based employees have complained of being treated unfairly after they received bonuses of only five to eight times their monthly salary. Caixin reports, citing local workers.
However, the recent payday may be the best it can be in the near future. Shipping companies have warned that rapidly weakening global growth combined with falling freight rates could hurt profits this year. Shares of Evergreen Marine fell 54% last year after rising a staggering 250% in 2021.

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