'Please don’t keep comparing bonuses,' Chairman of Yang Ming shipping line asked employees

Yang Ming's chairman has asked employees not to compare their bonuses with the 40-month bonuses some Evergreen employees have received.

Container ship of Yang Ming shipping company

Container ship of Yang Ming shipping company

Yang Ming's chairman, Mr. Cheng Cheng-mount, has asked employees not to compare their bonuses with the 40-month bonuses some employees of fellow competitor - Evergreen - received.

Speaking at a press conference on January 5, Cheng Cheng-mount said that all employees will get a raise this year, and said that Yang Ming, which is partly owned by the Taiwanese government, has tried to do its best to fight for the staff.

Mr. Cheng pointed out that in 2021, junior employees receive an increase of 3% to 5%, while new employees receive an increase of about US$1,400 and the 13th-month salary is given to all employees. This year, junior-level employees will receive an increase of about 4%, and new employees may receive a raise of about US$1,600.

Cheng Cheng-mount, Yang Ming's chairman

Mr. Cheng Cheng-mount, Chairman of Yang Ming Shipping Line

Mr. Cheng said, “A respectable peer (Evergreen) is issuing 40-month bonuses. There are few companies in Taiwan that can pay out so much. If everyone insists on comparing, I am afraid it will only cause unhappiness."

For the first nine months of 2021, Yang Ming and Evergreen's accumulated net profit was US$3.95 billion and US$5.69 billion, respectively.

Yang Ming is said to be considering an eight-month bonus for employees, although this has not been confirmed. Taiwanese media say that Yang Ming's employees have demanded that the company pay the same amount as Evergreen.

Mr. Cheng notes that the temptation to compare bonuses with those paid by Yang Ming's competitors is understandable, but being too preoccupied with this will only cause unhappiness.

Yang Ming has been in financial trouble for the past few years and needs a recapitalisation in 2017. The company's fortunes improved as freight rates skyrocketed in 2020 due to inter-connected supply chain bottlenecks regarding the Covid-19 pandemic.

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