Report on profit-sharing and labour co-partnership in the United Kingdom

Bibliographic data

Monograph

Identifikator:: 1016336950

URN:: urn:nbn:de:zbw-retromon-27123

Document type:: Monograph

Title:: Report on profit-sharing and labour co-partnership in the United Kingdom

Place of publication:: London

Publisher:: His Majesty's Stationery Office

Year of publication:: 1912

Scope:: 1 Online-Ressource (160 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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APPENDIX F. General Form for a Simple Profit-sharing Scheme : Cash Bonus. (Reprinted from Profit-sharing and the Labour Question, by T. W. Bushill,* pp. 233-237.) (1.) Method of Profit-sharing.—From and after the 1st of January, 1890, the surplus (if any) of the clear profits of the business beyond such definite sum as is for the time being reserved to the firm for their own benefit (herein-after referred to as the “ reserved limit ”) shall be divided into two equal parts, one thereof to be distributed gratuitously as a bonus to the employees in the manner defined by these rules, and the other to be retained by the firm. (2.) The “ Reserved Limit.”—The present reserved limitf has been communicated confidentially to , chartered accountant, and will not be altered for the first three years, if the scheme so long subsists. Thereafter it may be raised or reduced by the firm, but (unless altered during some month of January) not so as to affect the distribution of profits for the financial year current at the time of alteration. Notice of any alteration will be given to the employees in such manner as to let them know how far such alteration would have affected the last preceding distribution had it then been in force. (3.) Accountant’s Certificate.—The accounts of the business will be audited each year by a chartered accountant, who will certify to the employees the bonus (if any) to which they are entitled. (4.) Qualifications for Profit-sharing.—The employees entitled to share in the profits for any financial year are such only as were employed at the commencement of such year, and have furnished a request to be entered on the list of profit-sharers. The acceptance of the terms herein offered is not to be in any way a condition of employment or of promo tion. Profit-sharers will be free to become or remain members of any trade or friendly society. (5.) Duration of Scheme.—The scheme is to continue in force only until the firm give notice to the employees putting an end thereto, but such notice, unless given during some month of January, will not take effect until the end of the financial year current at the time it is given. (6.) Method of Distribution.—-The employees’ share of profits accruing in each financial year is (subject as after mentioned) to be distributed among them in proportion to their respective salaries or wages at the commencement of such year, taken for one week, exclusive of premiums, overtime, or other variable allowances. In making any year’s distribu tion it shall be permissible to the firm to carry forward undivided to the credit of the following year’s employees’ share of profits any sum which, if divided, would have given to them less than one week’s wages, calcu lated as aforesaid. (7.) Payment of Bonus.—Each employee’s bonus shall, within two months of the end of the financial year, be paid into his account at some savings bank, and will then become his absolute property. (8.) Employees leaving.—An employee whose service ends by notice given on either side, by illness, or by death, will have a right to bonus for the financial year in which his service ends, in proportion to the portion of the year elapsed to the end of the month preceding the end of his service. Any employee leaving under circumstances other than before mentioned shall lose such right. Any sum lost to an employee under this rule does not accrue to the firm, but goes wholly to increase the distribution to the other employees. * London: Methuen & Co., 1893. t It !s very desirable that some intimation of the possible benefit to the employees should be given when the scheme is introduced. A simple style of communication would be: “ It the profits during the present year equal the average of the past three years, there would be a bonus equal to weeks’ wages for each participant." (T.W.B.)

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