Ajit Karn
The Taiwanese shipping colossus Evergreen is rewarding its 3,100 employees with enormous incentives. According to News.com.au, Evergreen Marine, which made headlines for all the wrong reasons in early 2021 when a ship it operated became trapped in the Suez Canal, disrupting supply chains, distributed bonuses of up to 50 months’ salary.
In addition to the enormous 50-month incentive they received in December, employees are receiving roughly five years’ worth of pay in bonuses alone, according to a media portal.
According to Evergreen, employee incentives will be distributed based on individual performance. The company is spending a staggering $94 million, which will be distributed to employees as mid-year salary.
The annual salaries at Evergreen range from $29.545 to $114,823.
According to The Straits Times, the company posted a record net profit of NT$334.2 billion (S$14.7 billion) for the financial year ending Dec 31, 2022 – an increase of 39.82 percent year over year – due to the rebound of the global container shipping industry following the lifting of Covid-19 lockdowns in many countries, as well as soaring shipping prices.
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The 5 year bonus news has been extensively disseminated on social media. Numerous social media users expressed “extreme envy” for Evergreen Marine employees.
According to a report by Bloomberg, the recent compensation may be the best for the foreseeable future. Shipping companies have warned that this year’s profitability is likely to be negatively impacted by a combination of swiftly weakening global growth and declining freight rates. After a staggering 250% increase in 2021, Evergreen Marine’s stock fell 54% in the previous year.
