Pyeongtaek Port Authority Adjusts 'Performance Bonus' for Cargo Attraction

Pyeongtaek Port panorama [Image source=Yonhap News]

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Pyeongtaek Port Authority has adjusted the incentive (performance bonus) criteria for attracting cargo to Pyeongtaek Port.

On the 25th, Pyeongtaek Port Authority held the "1st Cargo Attraction Incentive Payment Review Committee" and announced that it has established a standard for paying incentives to shipping companies and forwarders using Pyeongtaek Port based on their container cargo handling performance to induce new cargo volume generation and new route establishment.

According to this new standard, the incentive payment amount for shipping companies with only one existing route has been changed from 400 million KRW to 200 million KRW. The remaining 200 million KRW will be paid according to the shipping companies' and forwarders' market share and growth rate. The core of this new standard is to prevent excessive incentives being paid to a single company.

Additionally, when two or more routes are established, the incentive distribution ratio between the existing Southeast Asia route and the China route will be adjusted from 2:1 to an equal ratio according to the number of companies establishing routes.

Pyeongtaek Port Authority plans to promote the incentive program throughout the year to shipping companies and forwarders via phone, mail, email, and visits to ensure that no eligible companies (shipping companies and forwarders with an annual shipment of 1000 TEU or more) miss out on the benefits.

This content was produced with the assistance of AI translation services.