French luxury brand Hermes has decided to pay a one-time year-end bonus of approx. Rs 3.5 lakh to each of its 19,700 employees globally amid surging sales and profits
The announcement of bonuses by Hermes follows the 6% rise in salaries of employees in France followed by an approx. Rs 8,700 increase granted in January last year and renewed in July, as per reports
Reportedly, the Hermes employees have received bonuses equivalent to their salary for 17 months including profit-sharing and incentive bonuses
Hermes reportedly said that the payment of this bonus is part of the "value sharing" policy and goes hand in hand with an increase in the dividend distributed to shareholders
Source: Hermes Finance
Hermes has been continuously recording profits. In 2021, Hermes' revenue was approx 9 billion euros with a net profit of 2.4 billion euros. The group’s consolidated revenue amounted to 11.6 billion euros with a net profit of 3.4 billion euros in 2022
The luxury brand made headlines a few weeks ago when Hong Kong billionaire Joseph Lau sold dozens of mostly Hermes bags for HK$25.2 million ($3.2 million) in an auction by Sotheby's
Hermes is not the only firm to give out generous bonuses to its employees. A Chinese company Henan Mine recently shocked its employees by stacking a huge pile of cash at its party. This was actually the bonuses worth 60 million yuan, which were handed out to 40 sales managers
Earlier, a Taipei-based shipping company reportedly handed out year-end bonuses equivalent to 50 months of salary