Against All Odds: Taiwan shipping companies surpass expectations with generous employee bonuses
Taiwan, June 03: Taiwanese shipping companies, despite the global cargo slump, are rewarding their employees with substantial mid-year bonuses.
Yang Ming Marine Transport, following approval from shareholders, will distribute bonuses worth up to 30 months' salary to its workers on their next payday, totaling NT$2.3 billion (S$101 million). The company had previously granted a year-end bonus of 12 months' salary at the beginning of 2023.
According to Bloomberg, Yang Ming explained via email that the company's regulations stipulate that 1 per cent of the previous year's profit must be allocated as compensation for employees. However, the specific amount given to each staff member is at the discretion of the company.
In a similar vein, Evergreen Marine, with approval from shareholders, will provide an additional NT$1.9 billion in bonuses to its 3,100 employees, equivalent to approximately 12 months' pay. Analyst estimates suggest that Evergreen's net income is anticipated to decline by 94% this year to NT$18.6 billion, while Yang Ming is projected to experience a 99 per cent profit decrease to NT$2.2 billion.
- With inputs from agencies