South Korean refining company and bunker supplier Hyundai Oilbank said it is handing out up to 120 months in bonuses, or 1,000% of base salaries, to its employees, according to The Korea Herald on Monday (2 January).
The firm reportedly declined to disclose the specific amount of the salaries given. The company’s bonuses came in line with the refining industry’s outstanding performance last year.
In Q3 alone, Hyundai Oilbank’s operating profit surged by 226 percent on-year to KRW 2.8 trillion (USD 2.2 billion)
“Global dynamics is the key factor that decides refining companies’ profit. Due to the prolonged impact of Russia’s invasion of Ukraine and increasing demand for heating during winter, global oil price surged which in turn spiked our retail price,” said an industry official as quoted by the publication.
In 2021, SK Energy and GS Caltex provided 1,000% of base salaries as extra payment to employees, while S-Oil gave bonuses at a 1,400% rate.
Related: Argus Media: South Korean bunker prices soar on supply shortfall
Related: Hyundai Oilbank to start VLSFO bunker fuels sales in November
Photo credit: Lauren Seo on Unsplash
Published: 5 January, 2022
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