It’s always nice to be appreciated for your efforts in the workplace, especially if appreciation is shown in the form of money.
This Taiwanese company is giving almost a year’s salary as a mid-year bonus to employees.
Migrating to Taiwan and submitting my resume right now.
Evergreen Employees to Receive 10-11 Months’ Mid-Year Bonus
2022 was a good year for Taiwanese shipping company Evergreen.
According to Focus Taiwan, Evergreen made NT$627.284 billion (S$27.5 billion).
That’s a 28.17% increase from 2021.
In addition, the company’s after-tax net profit was a whopping NT$334.201 billion (S$14.7 billion), a 38.82% jump.
These statistics are according to the company’s 2022 financial report that was released on 14 March.
Evergreen has since announced that its mid-year bonuses will total NT$1.918 billion (S$84 million).
The company has around 3,100 employees earning an average of NT$60,000 (S$2,600) monthly.
If you do some quick math, that means each employee will receive a mid-year bonus worth 10 to 11 months’ pay.
The jump in profits is probably due to the revival of the global container shipping industry since the lifting of COVID-19 restrictions in most countries.
The increase in shipping prices worldwide may have a part to play in Evergreen’s success in 2022.
Not the First Time
Can you believe this isn’t the first time Evergreen has made headlines for its generous payouts?
In January 2023, the company made waves for deciding to give employees up to 52 months’ pay for year-end bonuses.
Most employees received year-end bonuses worth 10 to 45 months of pay.
Those who had better job performances received 52 months’ worth of bonuses.
Though Evergreen declined to confirm the report, it revealed that employees were compensated based on their performance.
Of course, news of the generous payouts has been circulating on social media.
Netizens shared their thoughts under a Facebook post by The Straits Times on the topic.
Most felt that Evergreen was doing a good job in incentivising its workers to stay motivated, suggesting that Singapore companies should follow in the company’s footsteps.
Others were in awe, joking that the payouts could be the reason for the increase in shipping costs.
In a survey conducted by popular job portal Yes123 in January, many picked Evergreen as their no. 1 dream employer in the “old economy” category.
This is the second consecutive year Evergreen has made it to the top of the list.
In addition, the company set a record for the highest year-end bonus ever paid by a listed Taiwanese company in 2021, so you know it’s the real deal.
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A Big Deal
According to The Straits Times, labour policy expert at National Chengchi University in Taipei, Professor Cheng Chih-yu, bonuses hold a significant weightage in an employee’s total compensation.
She said, “Some companies choose to give low fixed monthly salaries for years and reward employees with bigger bonuses instead, because it saves them money overall.”
“If they raise monthly wages, then they would have to fork out more in the long term for workers’ insurance plans and pensions.”
Notably, wages in Taiwan have been frozen for years, and there have been calls for Taiwan to raise the official minimum salary more aggressively.
In Taiwan, discussing which company will hand out the biggest bonuses is a common topic of discussion.
Other Companies Who Made the News for Generous Payouts
Besides the shipping industry, the oil and gas industry also saw a good 2022 due to the surge in oil prices globally.
In January 2023, South Korean company Hyundai Oilbank made the news for giving employees 120 months in bonuses.
A week ago, local company Paradise Group went viral for giving out 100 Rolex watches to employees who have worked there for at least ten years.
The news wasn’t even publicised by Paradise Group but by those who witnessed the award ceremony.
Evergreen Profits in 2023
Compared to 2022, Evergreen hasn’t seen as much profits this year.
According to Evergreen Marine president Hsieh Huey-chuan, the company’s profits for the first two months of 2023 were only NT$44.922 billion (S$1.9 billion).
That’s a year-on-year decline of $59.94%.
This was due mainly to the Lunar New Year holiday and the impact of the COVID-19 pandemic.
However, he expects the market to bounce back in the second quarter of 2023.
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