Taiwan shipping giant Evergreen Marine is handing out massive bonuses to its 3100 workers, reported Australian news website news.com.au.
As per the report, the pay rise for this year is predicted to equal 10 to 11 months’ worth of workers’ wages in 2022. Workers are receiving bonuses alone equal to roughly five years’ worth of income when combined with a sizable 50-month bonus they received in December last year.
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Evergreen, the company that was operating a container ship ran aground in the Suez Canal in 2021. It said that the bonuses will be distributed according to the individual performance of workers.
Annual salaries at Evergreen range between $44,745 ( ₹37,00,807) and $171,154 ( ₹1,41,55,950), said the report citing jobs website Comparably.
Evergreen reported a 39.82% jump in profit after it made $16.25 billion for the financial year ending 2022 according to The Straits Times. The report stated the reason behind the huge profits was the growth in demand for consumer goods during the Covid-19 pandemic and rising geopolitical tensions.
The last time the company issued bonuses, it cost around $93 million, the report said.
But, the shipping giant’s profits could soon be stalled as Bloomberg intelligence analysts warned that companies were looking for cheaper shipping prices.
“We see indications that an increasing number of clients are attempting to renegotiate their long-term contracts with Evergreen, which could drive down the long-term contract freight rates that are key to profitability,” they wrote.