Taiwanese Shipping Company Evergreen Gives Employees Mid-Year Bonus Of 10 To 11 Months’ Salary

Evergreen Employees Will Receive Additional 10-11 Months’ Mid-Year Bonus

Taiwanese shipping company Evergreen Marine Corp. will once again reward employees after a hugely profitable year, this time with a mid-year bonus.

The company already made headlines in January for rewarding employees with up to 52 months’ worth of bonuses for the year 2022.

This means employees will take home about 60 months of salary for 2022.

Evergreen employees to get 60 months’ worth of salaries

Focus Taiwan reports that in 2022, Evergreen made NT$627.284 billion (S$27.5 billion), up 28.17% from the previous year.

Meanwhile, its after-tax net profit was NT$334.201 billion (S$14.7 billion), which is a year-on-year increase of 39.82%.

These figures are according to the company’s 2022 financial report released on Tuesday (14 Mar).

Evergreen announced that its mid-year bonuses will total NT$1.918 billion (S$84 million).

The company has almost 3,100 employees who earn an average of NT$60,000 (S$2,600) a month. This means that each of them will receive a mid-year bonus that equals to 10 to 11 months’ pay.

In total, employees will enjoy bonuses worth around 60 months’ worth of salary for 2022.

Profits not as high so far in 2023

However, things have not been as profitable for Evergreen so far this year, at least compared to 2022’s performance.

Evergreen Marine president Hsieh Huey-chuan said that the company’s profits for the first two months of 2023 was NT$44.922 billion (S$1.9 billion), a year-on-year decline of 59.94%.

Source: Taipei Times

He said this was due mainly to the Lunar New Year holiday and the impact of the Covid pandemic on production lines.

The latter resulted in a decrease in cargo volume and pushed freight rates into a downward spiral.

Though he expects the market to rebound in Q2 2023, “any real comeback may have to wait until the second half of the year”, he added.

It would also depend on when the Russia-Ukraine war ends.

61 months’ salary as year’s bonus

Let’s do some quick math here to figure out how much an employee earning the average rate will receive in bonuses.

For an employee earning NT$60,000 monthly, they’d receive NT$3.66 million (around S$160,600) in bonuses if they got a total of 61 months’ pay.

We do wonder whether a higher monthly take-home pay or such lavish bonuses would be preferable, though.

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Featured image adapted from Evergreen Marine Singapore.