 "Floating in Profits: Why this shipping company in Taiwan is giving its staff 5 years of salary as bonus")
A yearly bonus is loved by all.
You receive it when your employer is pleased with your outstanding performance throughout the year.
But what if the sum is more than you anticipate?
Similar events occurred at Taiwan’s Evergreen Marine Corp, which is marking a remarkable year by giving outstanding incentives to certain of its employees.
The bonus amount amusing might leave you stunned.
A Bloomberg article claims that the Taipei-based shipping company awards annual bonuses that, on average, are equal to 50 months’ worth of pay or more than four years’ worth of compensation.
Let’s take a closer look.
The Massive Bonus
Evergreen Marine, a major shipping company, is reportedly giving its 3,100 employees substantial incentives.
It is expected that the pay increase for this year will be equivalent to 10 to 11 months’ worth of workers’ income in 2022.
Employees are receiving bonuses that, when added to the huge 50-month bonus they earned in December of last year, are equivalent to about five years’ worth of salary.
In 2021, Evergreen, the business in charge of a container ship, ran aground in the Suez Canal.
It stated that the bonuses would be given out in accordance with each employee’s performance.
According to the New York Post, citing the jobs website Comparably, annual pay at Evergreen range from $29,545 (~Rs 24.41 lakh) to $114,823 (~Rs 94.91 lakh).
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The reason for such generosity
Evergreen recorded a staggering $10.9 billion (~Rs 90 thousand crore) for the fiscal year ending in 2022, according to The Straits Times.
This represents an increase in profit of more than 39.82 per cent.
The increase in consumer demand brought on by the Covid-19 outbreak and escalating geopolitical tensions was the cause of the enormous earnings.
According to Hindustan Times, the last time the corporation gave bonuses, it cost almost $93 million.
But, Bloomberg intelligence analysts cautioned that corporations were looking for lower shipping charges, which might eventually cause the shipping giant’s revenues to stagnate.
They added, “We see indications that an increasing number of clients are attempting to renegotiate their long-term contracts with Evergreen, which could drive down the long-term contract freight rates that are key to profitability.”
Suez Canal incident
Early in 2021, a ship owned by Evergreen Marine became famous for all the wrong reasons when it became stranded in the Suez Canal for six days.
During a sand storm, the supertanker became wedged diagonally across the canal, disrupting trade, reported Kalinga TV.
The incident prevented hundreds of ships from passing through the critical shortcut through Egypt – meaning vessels either had to circle for days or make the long trip around Africa.
With inputs from agencies
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