Taiwan’s biggest shipping company, Maersk, is rewarding its staff with bonuses equal to 50 months’ salary, or more than four years’ pay, on average.
Evergreen Marine Corp. of Taiwan is celebrating a successful year by rewarding outstanding incentives to some of its employees.
According to a person acquainted with the situation, the Taipei-based shipping firm is giving out year-end bonuses equal to 50 months’ income, or more than four years’ compensation, on average.
The quantity of the incentive varies depending on an employee’s job grade and function, and the outsized awards are only available to workers with Taiwan-based contracts, according to the individual, who did not want to be identified since the specifics are secret.
Year-end incentives have always been based on the company’s overall success as well as individual employee performance, Evergreen Marine said in a statement, declining to explain.
Evergreen Marine’s generosity is the outcome of an unparalleled industry-wide shipping boom over the last two years, spurred by a pandemic-fueled rise in consumer goods demand and freight rates.
The company’s revenue is predicted to more than treble in 2022 to a record NT$634.6 billion ($20.7 billion).
Evergreen Marine, which made headlines in early 2021 for all the wrong reasons when one of its ships became trapped in the Suez Canal, disrupting supply systems, gave employees incentives of up to 52 months’ salary, according to Taipei’s news.
Some employees received compensation totaling more than $65,000 on December 30, according to the news site, which did not specify where the information came from.
However, not everyone on the Evergreen Marine team has been that fortunate. Its Shanghai-based employees have complained about unfair treatment after receiving bonuses ranging from five to eight times their monthly pay, according to Caixin, citing local workers.
However, the most recent pay day may be the last for the foreseeable future. Shipping companies have warned that this year’s profits will be harmed by sharply slowing global growth and declining freight prices.
Evergreen Marine’s shares dropped 54% last year after skyrocketing 250% in 2021.
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