SIMIC

DESPITE a decline in global cargo and the current slump in the shipping industry, Taiwanese shipping companies are distributing generous mid-year bonuses, re-distributing earlier gains made during the Covid crisis, reports Bloomberg.

Yang Ming Marine Transport Corp recently approved a bonus of US$75 million during a shareholder meeting.



As reported by Taiwan's Economic Daily News, employees will receive up to 30 months' salary on their next payday.



This bonus is in addition to the year-end bonus, worth 12 months' salary, that was already paid earlier this year.



According to Yang Ming, company regulations stipulate that one per cent of the previous year's profit must be allocated as compensation to employees.



However, the specific amount received by each staff member is at the discretion of the company.



In a similar vein, Evergreen Marine Corp has gained approval from shareholders to provide additional pay to its 3,100 employees.



While shipping companies have reaped the benefits of increased demand for consumer goods and higher freight rates during the pandemic, the industry is currently experiencing a downturn due to economic uncertainties.