The Guyana Sugar Corporation has indicated that it will be unable to pay any salary increases for this year, as the sugar industry continues to face tough times.
In a statement, Guysuco explained that it is already facing losses of $16 Billion for this year and faced with losses of over $30 Billion over the past two years, the company is not in a position to offer salary increases.
Guysuco says it has already made clear its position to the Guyana Agricultural and General Workers Union. GAWU has not yet formally responded to the statement but sugar workers are likely to be upset with the move not to offer them salary increases for the second year running.
The state owned sugar corporation has been attempting for the past several years to trigger a turn around in its fortunes but those plans have not brought much success. Sugar estates that have not been performing well have faced closures as management of the company continues efforts to cut spending and increase productivity.
Since the EU sugar price cuts years ago, Guysuco has been facing several financial difficulties.