Early this year, Yang Ming Marine Transport Corp. of Taiwan had awarded 12 months’ salary as bonus. Now, the shipping company has gone ahead and promised an additional 30 months’ salary as bonus to the employees. The company has received approval from its shareholders for the same, which will be worth US$74.82 million.
As per the company’s rules, it is supposed to distribute one per cent of the profits from the previous year to its employees as compensation. However, what each individual will receive depends on the company’s whims entirely.
This is not the first time that a shipping company in Taiwan has given such an attractive bonus to its employees. Evergreen Marine Corp. also announced an additional 12 months’ salary as bonus the 3,100 workers in its workforce. The shipping company had posted record profits last year, following which it had earlier granted 50 months’ salary to its employees in January.
During the pandemic, shipping firms made record profits as their demand spiked and the freight rates also increased.
This trend is already on the wane, given the worldwide economic slowdown, which has affected shipping as well. So , incomes of shipping companies may begin to drop this year.
Three Taiwanese firms are amongst the 20 largest container cargo shipping enterprises in the world. Three three companies are, Evergreen Marine Corp., Yang Ming Marine Transport Corp. and Wan Hai Lines.