This Company Gave Their Staff Five Years of Salary As a Bonus
-
Sulaiman
- . March 22, 2023
- . Update: March 23, 2023 2:15 am
In 2021, a dramatic container ship run aground in the Suez Canal was being operated by a company that was flush with cash.
Evergreen Marine, the largest shipping company in Taiwan, is rewarding its 3100 employees with sizable bonuses due to its abundance of cash.
The pay bump for this year is anticipated to equal 10 to 11 months’ worth of workers’ wages in 2022. Workers are receiving bonuses alone equal to about five years’ worth of pay when combined with a sizable 50-month bonus they received in December of last year.
According to Evergreen, the bonuses will be given out based on each worker’s performance. Depending on the position, Evergreen employees may earn between $29,545 and $114,823 per year, according to the jobs website Comparably.
Read | Everything You Need To Know About ChatGPT 4
For the fiscal year that ended in 2022, Evergreen earned a staggering $10.9 billion. According to The Straits Times, this represents an increase in profit of about 39.82 percent and is primarily attributable to rising geopolitical tensions and an increase in consumer demand brought on by the COVID-19 pandemic.
The previous bonus round cost the business about $62 million (NT$1.92 billion). Taiwanese social media users reacted to the news by expressing their envy, as one user put it. But the company’s prosperous times might be coming to an end soon.
In March, Bloomberg Intelligence analysts Kenneth Loh and Eric Zhu issued a warning that businesses were looking for lower shipping costs.
According to what they wrote, “we see signs that a growing number of clients are trying to renegotiate their long-term contracts with Evergreen, which could drive down the long-term contract freight rates that are key to profitability.”
This might then have an impact on the business’s profits. When the container ship Ever Given blocked the Suez Canal for six days in 2021, Evergreen’s name was all over the front pages of the media.
Due to the incident, hundreds of ships were unable to use the essential shortcut through Egypt, forcing them to either travel the long route around Africa or circle for days.
