Mid-Year Bonus From Taiwan Shipping Company Yang Ming Is In Addition To 12 Months’ Year-End Bonus
While many companies around the world cut costs during the pandemic, shipping companies bucked the trend with bumper gains.Their employees are apparently still reaping the rewards, with Taiwanese shipping company Yang Ming giving up to 30 months’ salary to their lucky staff.
Source: YANG MING Shipping Europe GmbH on Facebook
This follows Taiwanese rival Evergreen’s approval of about 12 months’ bonus to their staff.
Yang Ming to payout about S$101M in staff bonuses
Yang Ming Marine Transport will disburse the mega bonus to their staff on their next payday, reported Bloomberg.Its shareholders approved the bonus last week, said the news agency, quoting an Economic Daily News report.
This will cost the company about NT$2.3 billion (S$101 million).
Yang Ming staff to get bonus of about S$58.8K each
The up to 30 months’ bonus averages out to about NT$1.34 million (S$58,800) per staff member, according to the Taipei Times.This is on top of the year-end bonus of 12 months of salary that was given to them at the beginning of the year.
Source: YANG MING Shipping Europe GmbH on Facebook
The bonuses are being given out according to the company’s charter, which states that they must pay at least 1% of its profits as mid-year bonuses to staff.
The payout amount for each staff member is at the company’s discretion. Their employees earn an average monthly salary of NT$50,000 (S$2,200).
Yang Ming reported S$7.93B profit for 2022
Yang Ming saw a record after-tax profit of NT$180.6 billion (S$7.93 billion) for 2022, it said in a press release in March.Their consolidated sales also set a record high of NT$375.9 billion (S$16.5 billion).
This was driven by strong demand and high average freight rates in the container shipping market.
The results were consistent with that enjoyed by global shipping firms, which saw a surge in container freight rates during the Covid-19 pandemic.
Evergreen to pay staff 12 months’ bonus
Meanwhile, Evergreen Marine will pay their staff a relatively paltry mid-year bonus of about 12 months’ salary.This will cost the company about NT1.918 billion (S$84.1 million).
