Five years salary as bonus given by shipping firm!

A Taiwanese shipping company is celebrating a successful year by rewarding employees with massive performance bonuses. Evergreen Marine Corp. has, on average, given bonuses at the end of the year equal to 50 months’ salary, or more than five years’ pay, according to a Bloomberg report.

The size of the bonus is determined by an employee’s job grade and function, the report quoted sources as saying. The massive bonuses are only available for contracts based in Taiwan.

when the 2.20 lakh ton Evergreen was stranded in the Suez Canal, a $54 billion loss was incurred in just six days, preventing a vital sea route between Asia and Europe. During a sand storm, the supertanker became wedged diagonally across the canal, disrupting trade for nearly a week. However, aside from a few memes, the ship’s Taiwanese parent company, Evergreen, generated 130% higher profits despite the fiasco affecting 12% of global trade.

Evergreen Marine said in a statement on Friday that year-end bonuses have always been determined by the performance of the company overall and the individual performance of employees.

However, Evergreen Marine has benefited from the pandemic’s shipping boom over the past two years. The company’s revenue is expected to nearly triple in 2023, to $20.7 billion, from 2020’s sales.

According to Taipei’s Economic Daily News, some of its Taiwan-based employees received bonuses totalling more than $65,000 on December 31.

The exorbitant bonuses have enraged the Evergreen Marine Staff in Shanghai. Employees in Shanghai received bonuses worth only five to eight times their monthly salary, local media reported.