Taiwan Shipping Firms Is Rewarding Workers With 30-Months' Salary As Bonus

Taiwanese shipping companies are handing out massive mid-year bonuses to their employees despite a slump in global cargo. According to a report by Economic Daily News, Yang Ming Marine Transport is awarding workers up to 30 months' salary on their next payday after shareholders approved the NT$2.3 billion (S$101 million) bonus last week.

Earlier, the company rewarded its workers a year-end bonus worth 12 months of salary paid at the beginning of 2023.

In an email interaction with Bloomberg, Yang Ming revealed that the company's rules dictate the shipping firm must distribute 1 per cent of its previous year's profit to employees as compensation. However, the amount each member of staff receives is at the company's discretion.

Bloomberg further reported that Evergreen Marine will give its 3,100 workers another NT$1.9 billion, equivalent to around 12 months of pay, after shareholders approved the bonus at a meeting on Tuesday, according to the same report.

However, Evergreen's net income is expected to plunge 94 per cent this year to NT$18.6 billion, according to analyst estimates. Yang Ming is forecast to see profit fall 99 per cent to NT$2.2 billion.