Shipping Firm 'Evergreen' Pays 52 Months' Salary As Bonus To Its Employees

The United Nations warned of a "striking fall" in real wages at the end of 2016 as inflation undermined the purchasing power of workers throughout the world. But one company went against the trend by giving workers huge bonuses worth more than four years' pay as 2022 came to a close.

Evergreen Marine Corp., a Taiwanese shipping company, anticipates earning more than $20 billion in revenues in 2022 due to the demand surge that preceded the global pandemic.

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That's a lot of money relative to its revenue in 2020.

According to a report by Bloomberg on Monday, citing Taiwan's Economic Daily News, Evergreen Marine has awarded its employees for their hard work with incentives of up to 52 months' salary.

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Reports suggest that on December 30th, several workers earned bonuses of almost $65,000.

It was reported by Bloomberg, citing an unnamed person familiar with Evergreen Marine's bonus plan, that the number of bonuses varied by employee seniority and job title.

The insider said employees with contracts based in Taiwan got the biggest bonuses.

Fortune did not hear back from Evergreen Marine, but a company spokesman told Bloomberg that incentives were always tied to performance, individually and organizationally.

Even though the business has been booming for the past two years, president Eric Hsieh allegedly warned investors in October that the strong U.S. currency and rising inflation might slow sales in the coming quarters.

The Taipei Times reports that the Evergreen Group has also compensated the ground personnel of Evergreen Airline Services Corp.

After workers threatened to walk out over pay, the company reportedly promised incentives of $1,305 and an increase in vacation pay for the Lunar New Year holiday, which started on Tuesday.

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Evergreen Marine is known for blocking the Suez Canal in 2021, which will significantly affect trade worldwide.

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When the massive cargo ship Ever Given got stuck in a critical Egyptian river, it disrupted international trade and took six days to be released. It was estimated that daily freight worth $10.9 billion was being delayed because of the blockage.

Egypt reached a compensation agreement with the ship's Japanese owner and insurance company months later. Egyptian officials allegedly requested $550 million in compensation.

The Suez Canal, Europe's shortest commercial route to Asia, is one of the world's busiest waterways.

A Ukrainian corn container ship ran aground on Monday, obstructing it. Authorities predicted modest delays from the malfunction.

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