BHP Group Cuts Incentive Pay After Missing Performance Targets

BHP Group has informed tens of thousands of its global workers that it will reduce incentive pay after failing to meet internal performance targets. According to the Australian Financial Review, the world's largest listed miner will pay only 80% of the short-term incentives offered in 2023-24.

These incentives, which can constitute up to 15% of employees' salaries, will be reduced due to missed cost and production targets in several divisions and the death of a worker at the Saraji coal mine in Queensland in January. The company's leadership cited these issues as the reasons behind the incentive cuts.

BHP has not yet responded to requests for comments from Reuters. The company's first-half profit was impacted by a $2.5 billion impairment charge related to its Western Australia nickel business.