Last Updated: January 10, 2023, 12:38 IST
Evergreen Marine came to the limelight for all the wrong reasons in early 2021, when a ship it operated got stuck in the Suez Canal.
According to a Bloomberg report, the Taipei-based shipping company is handing out annual bonuses equal to 50 month’s salary or more than four years’ pay on average.
Who doesn’t love an annual bonus? When your company is satisfied with your amazing performance throughout the year, you get a bonus. Sometimes, it is more than you expect. Something similar happened at Taiwan’s Evergreen Marine Corp, as it is celebrating a standout year by awarding stellar bonuses to some of its staff. The amount might leave you amused. According to a Bloomberg report, the Taipei-based shipping company is handing out annual bonuses equal to 50 month’s salary or more than four years’ pay on average.
The source told the news agency that the size of the windfall varies depending on an employee’s job grade and function, and the outsized bonuses are only applicable to staff with Taiwan-based contracts.
The annual bonuses have always been based on the company’s performance for the year and the employee’s performance, Evergreen Marine said in the statement released on Friday and declined to elaborate on it.
Taipei’s Economic Daily News last week reported that some employees received payments of more than $65,000 (around Rs 54 lakh) on December 30, last year.
Evergreen Marine’s largesse is the result of an unprecedented industry-wide shipping boom over the past two years, driven by a pandemic-fueled surge in demand for consumer goods and freight rates. The company’s 2022 revenue is expected to hike to a record NT$634.6 billion (Rs 1702 crores), more than triple 2020 sales.
But, not all Evergreen Marine’s staff have been so lucky though. According to reports by Chinese media house Caixin, the company’s Shanghai-based employees have complained of unfair treatment after they only got bonuses of between five and eight times their monthly salaries.
The shipping companies have been warned that rapidly weakening global growth, combined with a drop in freight rates, is likely to hurt profitability this year. Evergreen Marine’s stock tumbled 54 percent last year, after a stunning gain of 250 percent in 2021.
Evergreen Marine came to the limelight for all the wrong reasons in early 2021, when a ship it operated got stuck in the Suez Canal.
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