2023 Week 01 Update

The first week of 2023 has just ended and how was it for you? I have been pretty consistent with what I wanted to do and hopefully, this will continue throughout the whole year.

To start the new year, here are two pieces of news I thought were good to share. South Korean oil and gas firm Hyundai Oilbank recently announced that it was handing out 1,000% of base salaries as bonuses to its employees for the year 2022. While the company stopped short of revealing exactly how much in bonuses it was lavishing on its staff this time around, reports have stated that the company ended up giving its workers bonuses of around KRW 121 million or USD 94,800 per person on average for the year 2021. This was indicated as being 600% of the base salary level, or about six years’ worth of pay. The company saw a 226% increase in profits in the third quarter of 2022 alone, with the total profits coming up to around KRW 2.8 trillion or USD 2.9 billion within the same period. These enormous payouts were attributed to the surge in global oil prices, with the protracted Russian invasion of Ukraine creating scarcity, which also coincided with the demand for heat during the winter months towards the end of the year. The OPEC led by Saudi Arabia and Russia cut down oil production to only two million barrels a day which also jacked up the global price of oil owing to even more scarcity.

Over in Taiwan, Taiwanese shipping giant Evergreen Marine has rewarded employees with year-end bonuses worth between 10 and 52 months of salary each, after posting bumper 2022 profits. Most of the company’s junior workers with a monthly salary of NTD 40,000 or USD 1,308 took home a bonus worth NT$2 million each last weekend, which is equivalent to more than four years’ pay. The 2022 payout is even higher than the 40 months bonus that the company paid in 2021. Thanks to the rebound of global container shipping lines following pandemic lockdowns, as well as soaring shipping prices, the company reported a net profit of NTD 304.35 billion for the first three quarters of 2022.

Imagine being an employee of either of the two companies!

Today’s quote is from American author and motivational speaker, Tony Robbins. He reminds us that we need to set goals to make the goals real and visible so that it gives us something to reach toward. When goals are set, they move from theoretical to practical. It’s not enough to just consider what you want to accomplish. You must take the time to be specific in setting your goals with time frames for achieving them.

That’s all from my side this week. Here’s hoping the rest of 2023 is as fantastic as the first week.

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