"Bonus Equivalent to '4 Years' Salary'... Which Industry Hits the Jackpot with Bonuses?"

Taiwan Container Shipping Company Evergreen Marine
Pays 4000% Bonus on Last Year's Salary
Thanks to COVID-19 and Ukraine War Boom

Evergreen Marine, Taiwan's largest container shipping company, paid year-end bonuses equivalent to up to 52 months' salary to its employees.

On the 10th, Chinese media including Caixin reported that Evergreen Marine paid performance bonuses averaging 50 months' salary depending on employees' job roles.

The media stated that this generous decision was made once again following last year, as the industry enjoyed a boom amid supply chain disruptions caused by the prolonged COVID-19 pandemic and the Russia-Ukraine war.

The amount varies slightly for each employee based on individual performance. Some top performers received bonuses equivalent to 52 months' salary. These 'jackpot' bonuses were limited to employees working at the Taiwan headquarters.

Taiwanese shipping company Evergreen Marine has made headlines by awarding its employees year-end bonuses equivalent to up to 52 months' salary. Photo by Yonhap News

For employees at overseas branches such as the Shanghai office in China, the amount was reportedly equivalent to 5 to 8 months' salary. Some voiced complaints about discriminatory treatment, but the company explained, "It is based on the company's annual performance and individual employee performance."

The shipping industry was one of the sectors that unexpectedly benefited from the COVID-19 pandemic. This was due to a surge in cargo transportation demand and a significant increase in average freight rates. Moreover, as supply chains were paralyzed, ships were stuck at ports worldwide, but since ship usage fees continued to be charged during that time, it actually became a huge source of income.

Meanwhile, Evergreen Marine had also given such bonuses last year. At that time, the bonus amounted to 4000% of the monthly salary, with some employees receiving over 80 million KRW, and there was even a couple within the company who together received over 200 million KRW. In 2020, the company also posted record-high net profits and paid year-end bonuses equivalent to 10 months' salary.