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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RULES OF MESSRS. THOMAS BUSHILL & SONS. 131 such notice, unless given during some month of September, will not take effect until the end of the -financial year current at the time it is given. (6.,l 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 (1) of pre miums, overtime, or other variable allowances; or (2) of loss caused by short time. As to employees who are piece-workers, such week’s wages in the case of each such worker is to be arrived at (exclusively as afore said) by averaging the wages earned by him during the last month of the preceding financial year. In making any year’s distribution 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 calculated as afore said. (7.) Employees’ Deserve Fund.—(a.) If in any year the employees’ share of profits should exceed such sum as would, if divided, give a bonus to them equivalent to six weeks’ wages (that is, six times the amount of the one week mentioned in Rule 6), the surplus above such sum shall go to form an employees’ reserve fund. (6) This fund will remain in the hands of the firm, bearing interest at the rate of 4 per cent, per annum, and may be applied, at the discre tion of the firm, in aid of a subsequent year’s distribution. (c) If any such year’s surplus should not be so applied within five years of its transference to the reserve fund, the same, with interest thereon, shall, at the end of such five years, be allotted to the provident funds of such of the employees as shall then be in the employ of the firm (subject as after mentioned) under the title “ Bonus from Reserve.” (d.) No employee shall be entitled to benefit by any “ bonus from reserve ” who was not a profit-sharer for the year in which the money allotted in reserve bonus was earned. (e.) The allotment shall be made in proportion to the respective wages or salaries of the employees sharing in the allotment (computed in accordance with Rule 6) for the year in which the money allotted was earned. (/.) It shall be permissible to the firm at their discretion to allot a “ bonus from reserve ” at an earlier date than provided for in clause (c) of this rule. (<7.) The accounts of this fund (whenever any monies stand therein) will be audited yearly by a chartered accountant, and submitted (con fidentially) to the firm’s cashier for the time being. (8.) Treatment of Bonus.—The share of the profits accruing to each employee (hereinafter called “ Bonus ”) is to be divided into three equal parts; one of these will be paid over to him within two months of the end of the financial year, and the other two parts will be credited to him in the books of the firm as a provident fund for his benefit. There will be delivered to him a pass-book in which the account of his provident fund will be entered, and which must be produced when any payment from it is demanded. (9.) Employees Leaving.—Any 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. (10.) Proviso in event of Damage or Embezzlement.—If an employee ceases to be in the service of the firm upon or by reason of any act or default on his part causing loss or damage to the firm, or is at the time I 2 24548

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