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The staff of Taiwan's largest shipping company Evergreen Marine are reportedly being given bonuses of up to 52 months, the Taipei Times reported.

News of the payout was also reported in shipping news outlet TradeWinds.

According to Taiwanese media Liberty Times, most of the employees were given bonuses ranging from 10 to 45 months, while those who had demonstrated good performances were given up to 52 months.

The company itself has declined to comment on the bonuses, Central News Agency reported.

On Dec. 31, it issued a statement saying that the bonuses will be paid out ahead of the Lunar New Year, which falls on Jan. 20, 2023, and will be based on the company's operations and personal performance of each employee.

According to Hong Kong media HK01, the monthly salary of a junior employee ranges from NT$40,000 (S$1,750) to NT$50,000 (S$2,200).

This means that if their bonus is 45 months, it will be worth about NT$2 million (S$87,400).

Most of the beneficiaries of the the company's bonuses were junior workers.

Previously paid bonuses of up 40 months for 2021

Central News Agency further reported that Evergreen had previously paid out year-end bonuses of up to 40 months for 2021.

Should the figure of 52 months be confirmed, this would be the highest rate of any listed company in the history of Taiwan's stock market.

The reported bonuses for 2022 would also be reflective of a 92 per cent increase in Evergreen's net profit for the period of January to September, compared to 2021.

According to Central News Agency, during this period, Evergreen reported a profit of NT$304.35 billion (S$13.29 billion).

In comparison, it earned NT$239 billion (S$10.4 billion) for the whole of 2021.

Rising freight rates key to the company's performance

A key factor of the company's strong performance has been attributed to rising freight rates due to labour shortages and port congestion around the world owing to the Covid-19 pandemic, Taipei Times further reported.

However, Evergreen's president has said that "new momentum" for the shipping industry in 2023 will depend on whether Russia's invasion of Ukraine will end, which will provide a boost to global demand.

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