In view of one of the prior recent threads on income and taxation, I thought I would share this story about year-end bonuses. One version surprised me.
So the container shipping sector had a great 2021, essentially, for most of the year. Well, the Top 10-16 liner companies dominate the major routes and, to a lesser degree, the other routes. Among the Top 11 include companies like
#4 COSCO (China)
#7 Evergreen (Taiwan)
#9 Yang Ming (Taiwan)
#11 Wan Hai Lines (Taiwan)
Well, end-of-the-year bonus time.
That the Taiwan-based companies paid a bonus didn’t surprise me. The size of the bonuses surprised me.
The COSCO bonuses? Pleasant surprise and extremely shocking!
Wan Hai Lines raised its year-end bonus from the equivalent of eight months of salary to 12 months, plus an extra NT$1 million in additional bonus, according to local media.
Employees of the container unit of state-owned shipping giant COSCO Shipping said their year-end bonuses had grown to as high as 30 times their monthly pay. Year-end bonuses are usually paid right before the Lunar New Year. Happy Year of the Tiger, COSCO employee
Since the earlier mentioned threads discussed “equitable sharing”, how much was shared with the shipping crews in the Taiwan charterer case? in the COSCO charterer case?
It does sound like Taiwan minted more millionaires in 2021