Yang Ming Marine Transport spent the equivalent of 30 months' salary to reward employees, while Evergreen employees received up to 11 months' salary.
According to Economic Daily News , Yang Ming Marine Transport (Taiwan, China) announced last week that it would give its employees a total bonus of NT$2.3 billion (US$75 million). This figure is equivalent to 30 months' salary. In January, they also gave year-end bonuses of up to 12 months' salary to employees.
In an email to Bloomberg , Yang Ming explained that the company has a rule to deduct 1% of the previous year's profit to pay employees. However, the specific bonus for each employee will be calculated by the company later.
Container ship of Yang Ming Marine Transport in Shenzhen (China). Photo: Bloomberg
Shipping giant Evergreen Marine will also give 3,100 employees a total of NT$1.9 billion in bonuses. The company’s shareholders approved the bonus at a meeting early last week. On May 31, many employees received bonuses equivalent to 10 to 11 months’ salary.
In January, the company also gave employees bonuses ranging from 10 to 52 months’ salary after posting a record profit of NT$334.2 billion ($10.9 billion) last year. For workers with a monthly salary of NT$40,000 ($1,300), most took home a bonus of NT$2 million, equivalent to more than four years’ worth of wages.
According to the latest statistics from Taiwan's statistics agency, the average annual salary of workers in this country is 506,000 NT dollars in 2021.
Last year, Evergreen also awarded employees 40 months’ salary, setting a record for the highest year-end bonus ever paid by a listed Taiwanese company.
Shipping companies have enjoyed a boom in the past two years as demand for goods and freight rates surged during the pandemic. But those profits are now shrinking as economic uncertainty drags down global shipping.
Analysts estimate Evergreen's net profit will fall 94% this year to NT$18.6 billion. Yang Ming's profit is also forecast to fall 99% to NT$2.2 billion.
Ha Thu (according to Bloomberg, Taiwan News)
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