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

Usage license:: Get license information via the feedback formular.

132 APPENDIX G. indebted to the firm, his provident fund shall be applied to making good such loss or damage or to payment of such debt. If the act be embezzle ment or felony, his provident fund shall be wholly and absolutely for feited, and shall be applied, subject as before mentioned, to such purpose, beneficial to the employees generally, as may he determined upon by the consulting committee (formed under Rule 20). Whenever this Rule is called into operation, the circumstances of the case will be reported to the said consulting committee. (11.) 4s to Withdrawal of Provident Fund.—Subject as after men tioned, no employee shall be entitled to withdraw any portion of his provident fund.* (12.) 4s to Withdrawal after Leaving.—Subject to Rule 10, if an em ployee during his life ceases to be in the service of the firm from any cause, he shall remain entitled to his provident fund, but he, or any person claim ing from or under him, shall not be entitled to withdraw it until such time as, if he had continued in the service of the firm, he would have been so entitled under Rule 13; provided, however, that he may be voted earlier payment if the firm and the consulting committee (formed under Rule 20) should be of opinion that exceptional circumstances existing in his case make such earlier payment advisable. (13.) On attaining Sixty-five Years of Age, or completing Twenty-five Years of Service.—An employee on attaining the age of sixty-five years, or completing twenty-five years of continuous service, may, on the following 31st day of December, receive his provident fund accruing during that period. In reckoning the twenty-five years, service to the firm or predecessors of the firm, commencing at any time since the 1st of January, 1880, is to be included, but not service while under the age of twenty-one years. Any such employee, notwithstanding receiving his provident fund, if he continues on in the service of the firm will, as to future bonuses and otherwise, have the benefit of and be subject to these rules. (14.) In case of Marriage.—A female employee, who, after leaving the service of the firm, marries, may thereupon claim an immediate payment of her provident fund. (15.) In case of Death.—If an employee dies, his legal personal repre sentatives will be entitled to immediate payment of his provident fund. (16.) Claim,s to be in Writing.—In every case where an employee or any person claims payment, such claims shall be in writing, and delivered to the firm’s cashier for the time being. (17.) In case Scheme is Discontinued.—If the firm should put an end to the scheme, the provident funds of all the employees will become payable to them on the 31st day of December following. (18.) Interest on Provident Funds.—The provident fund of each employee will, while the same remains in the hands of the firm, be credited with interest at the rate of 4 per cent, per annum, but no interest will be allowed for any fraction of a financial year. The firm may, if they choose, deposit the provident fund of any employee or part of such fund in a savings bank, in which case the amount deposited is to be credited with such interest only as may be allowed by the savings bank. (19.) Security given for Provident Funds.—The firm will give security upon property of ample value for all monies from time to time belonging * The following clause, intended to protect shares in a Provident Fund from being assigned by a participant or seized by his creditors, is contained in the scheme formerly in force with Messrs. Waltham Brothers, Limited, Brewers, Stockwell: “ If an employee at any time before the deferred bonus standing to his credit has been withdrawn and actually received by him, become bankrupt, or do or suffer anything whereby the deferred bonus or any part thereof, if belonging absolutely to him, would voluntarily or involuntarily become vested in, or payable to some other person, the committee may, if they in their absolute discretion think fit, pay or apply such deferred bonus or the income thereof or any part thereof for or towards the maintenance and support of such employee and his wife, children or remoter issue (if any), or of any one or more of them exclusive of the others in such manner and proportions as the committee shall think fit.”

Access restriction

Copyright

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

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation