Taiwan's Yang Ming Marine gives 12 months of wages as year-end bonus
Yang Ming Marine
Transport Corp., one of the leading container cargo shippers in Taiwan, has
decided to raise year-end bonuses for its employees to the amount equivalent to
12 months of wages on average, and has also decided to raise salaries by an
average of 4 percent, after a bumper year that saw a significant rise in
shipping rates and profit.
The company had
originally planned to give a bonus equivalent to eight months of wages, after
the government-invested shipper's employees complained it lagged far behind the
40 months of salaries issued by rival Evergreen Marine Corp., and was too low
given that the shipping industry had a very profitable year in 2021 due to
growing freight rates.
Yang Ming to give a higher year-end bonus and a wage hike by 4% on
average
On Friday, 14 Jan Yang Ming's board of directors decided to give
a higher year-end bonus and a wage hike by 4 percent on average based on
performance at a board meeting.
In addition to
performance-based year-end bonuses, Yang Ming Marine also issues fixed year-end
bonuses which are equivalent to one month of salary every year.
That means its
employees can get an average of 13 months of wages as year-end bonuses ahead of
the Lunar New Year holiday which is scheduled to start on Jan. 29 this year.
