Asian shipping companies are offering mega bonuses to employees amid a boom in freight rates, with China’s state-owned giant Cosco Shipping Holdings Co. doling out as much as 30 times a worker’s monthly salary, according to Caixin Global.
Cosco is doling out the huge year-end bonuses to employees including its sales and marketing staff, Caixin said, citing employees at the company. Other shippers are also giving out generous rewards. A worker at Taiwan’s Evergreen Marine Corp. received a year-end bonus that was nearly 40 times their monthly salary, according to the daily.
Cosco’s earnings jumped 1,651% to 67.6 billion yuan ($10.7 billion) in the first three quarters of 2021, according to a company filing. The spot rate for a 40-foot container to the U.S. from Asia topped $20,000 last year, including surcharges and premiums, up from less than $2,000 a few years ago.