The world’s largest listed miner will only pay 80 per cent of short-term incentives that were on offer in 2023-24
BHP Group has notified tens of thousands of its global workers that it will cut incentive pay after the miner failed to meet its internal performance targets, the Australian Financial Review (AFR) reported on Thursday (Jul 4).
The world’s largest listed miner will only pay 80 per cent of short-term incentives that were on offer in 2023-24, the report said, citing employees.
These incentives apply to all of BHP’s workers and can add up to about 15 per cent of their salaries, the AFR said.
The company’s leadership cited misses on cost and production targets across some of its divisions, as well as the death of a worker at its Saraji coal mine in Queensland in January as the reason behind the incentive cuts, the report said.
BHP did not immediately respond to a Reuters’ request for comments.
The miner’s first-half profit was hit by an impairment charge worth US$2.5 billion related to its Western Australia nickel business. REUTERS
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