[Taiwan] Yang Ming will pay bonus of one year’s salary

Container shipper Yang Ming Marine Transport Corp (陽明海運) will raise year-end bonuses for its employees to twelve months of wages on average and is set to raise salaries by around 4 per cent, Taipei Times reports.

The decision was made after a bumper year that saw a significant rise in shipping rates and profit, the firm said.

Yang Ming’s board of directors approved the bonus and pay rise plans on January 14, a fortnight after its larger competitor Evergreen Marine Corp (長榮海運) reportedly paid bonuses of as much as 40 months of salary to its employees.

Shippers’ profits were boosted by surging freight rates in 2021 amid strong global demand and port congestion, due in part to COVID-19 restrictions.

Evergreen reported NT$158.28 billion (US$5.73 billion) in net profit in the first nine months of 2021, up 1,347.32 per cent from a year earlier, or earnings per share of NT$30.27.

Yang Ming reported NT$109.8 billion in net profit in the same period, up 5,839 per cent from a year earlier, or earnings per share of NT$32.73.

For the whole of 2021, Evergreen registered NT$489.40 billion in revenue, an increase of 136.1 per cent from a year earlier. Yang Ming posted NT$334.48 billion in revenue, a jump of 120.22 per cent.

In addition to performance-based year-end bonuses, Yang Ming annually issues fixed year-end bonuses of one month of the respective employee’s salary.

This year, its employees will receive 13 months of wages as year-end bonuses before the Lunar New Year holiday, which begins next Saturday.

Local media reporting suggests that Yang Ming might issue extra bonuses for the Dragon Boat and Mid-Autumn festivals; bonuses this year total up to 30 months of salary.

To keep up with the strong global demand for container cargo shipping services, Yang Ming is building five new mega vessels, each with a capacity to carry 15,000 20-foot equivalent units of cargo.

The shipper said it spent NT$10 billion in capital expenditure in 2021 and because it is adding new ships spending for this year could potentially double.

Container shipper Yang Ming Marine Transport Corp (陽明海運) will raise year-end bonuses for its employees to twelve months of wages on average and is set to raise salaries by around 4 per cent, Taipei Times reports.

The decision was made after a bumper year that saw a significant rise in shipping rates and profit, the firm said.

Yang Ming’s board of directors approved the bonus and pay rise plans on January 14, a fortnight after its larger competitor Evergreen Marine Corp (長榮海運) reportedly paid bonuses of as much as 40 months of salary to its employees.

Shippers’ profits were boosted by surging freight rates in 2021 amid strong global demand and port congestion, due in part to COVID-19 restrictions.

Evergreen reported NT$158.28 billion (US$5.73 billion) in net profit in the first nine months of 2021, up 1,347.32 per cent from a year earlier, or earnings per share of NT$30.27.

Yang Ming reported NT$109.8 billion in net profit in the same period, up 5,839 per cent from a year earlier, or earnings per share of NT$32.73.

For the whole of 2021, Evergreen registered NT$489.40 billion in revenue, an increase of 136.1 per cent from a year earlier. Yang Ming posted NT$334.48 billion in revenue, a jump of 120.22 per cent.

In addition to performance-based year-end bonuses, Yang Ming annually issues fixed year-end bonuses of one month of the respective employee’s salary.

This year, its employees will receive 13 months of wages as year-end bonuses before the Lunar New Year holiday, which begins next Saturday.

Local media reporting suggests that Yang Ming might issue extra bonuses for the Dragon Boat and Mid-Autumn festivals; bonuses this year total up to 30 months of salary.

To keep up with the strong global demand for container cargo shipping services, Yang Ming is building five new mega vessels, each with a capacity to carry 15,000 20-foot equivalent units of cargo.

The shipper said it spent NT$10 billion in capital expenditure in 2021 and because it is adding new ships spending for this year could potentially double.