Taiwan’s shipping companies are giving huge bonuses to their employees in the middle of the year, even after the global downturn in the cargo sector. According to a report in Economic Daily News, Yang Ming Marine Transport Company will give 30 months extra salary to its employees as a bonus on their next salary day.
The company’s shareholders approved last week’s $2.3 billion Taiwan dollar ($101 million) bonus. Earlier, the company gave its employees one year’s bonus in the form of 12 months’ salary in early 2023.
According to a Bloomberg report, Yang Ming revealed that the company has a rule that the shipping firm must distribute 1% of its previous year’s profit to employees as compensation. However, the amount each staff member receives is at the company’s discretion.
Bloomberg further reported that Evergreen Marine would pay another 1.9 billion Taiwan dollars to its 3,100 employees, almost equal to his 12 months’ salary. As per reports, the shareholders approved the bonus in a meeting on Tuesday.
Evergreen Marine had given many employees 50 months’ salary as a bonus. That is, the employees only got a salary for more than four years in bonus. Many employees were given more than $65,000.
Analysts say Evergreen’s net income is expected to decline 94% to NT$18.6 billion this year. And Yang Ming’s profit fell by 99 per cent. His net profit is estimated at NT$2.2 billion.
