What a great 2022 it’s been for the oil and gas industry in the Republic of Korea. Thanks to the global oil price surge, Hyundai Oilbank, the South Korean petroleum and refinery company, just announced that they are giving their employees 120-month bonuses as a reward. It’s about 1,000 per cent of their annual salaries.
Before this, Evergreen made headlines in the country by announcing their 52-month bonuses to their employees.
The third quarter profit of Hyundai Oilbank surged by 226 per cent this year according to the Korea Herald. That translated to 2.8 trillion won or about $2.19 billion in profit. In 2021, the employees of Hyundai Oilbank were reported receiving bonuses at a rate of 600 per cent. This is approximately 726 million won or $560,000 per person in general.