Even as the COVID-19 pandemic brings unprecedented challenges for companies across a range of sectors, many of the employees attached to Guyana Goldfields will be smiling from ear to ear since the mining company recently announced that there would be a production bonus payout.
Guyana Standard understands that the production bonus comes on the heels of achievements made during second quarter of 2020. In its statement, the mining company said, “We are very proud of the great performance level achieved by all of you during this difficult and uncertain period of time. We want to take this opportunity to express our deepest gratitude and appreciation to you for this achievement and for your level of dedication and commitment to this successful quarter.”
Guyana Goldfields said that the 10% on-target quarterly production bonus is based on three metrics associated with safety and environment, financial parameters, and production achieved. As shown in the table attached to this article, the second quarter bonus payment of 14.4%, based on the employees’ respective Q2 2020 gross earnings, took place on July 24, 2020, for hourly employees and will continue on July 30, 2020, for staff members.
The company was keen to note that all active employees as of June 30 last were eligible for the second quarter production bonus. Employees who resigned or were terminated during the second quarter (i.e. between April 1, 2020 and June 30, 2020) are also entitled to the production bonus pro-rated on their working time during the second quarter of 2020.
Unfortunately, employees terminated with cause from April 1, 2020, to the present day are not eligible for the Q2 2020 production bonus.
The table and graphs attached show how the production bonus of 14.4% was determined.