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

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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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Profit sharing and co-partnership in private firms and companies

Collection:: Economics Books

26 II.—PRIVATE FIRMS AND COMPANIES. all participated. The average percentage of all employees who were entitled to participate in profits in these 130 cases was 57'3. Forms of Bonus Payment.( a ) In about three-fifths of all the schemes under examination the bonus is paid in cash. In about one-half of the remaining schemes part of the bonus is paid in cash, and the remainder is either credited to a thrift fund available to provide provident benefits for the employee or invested in shares in the employer’s business. The other commonest type of scheme is that in which the whole of the bonus is retained by the employer, part for investment in shares and part on deposit, to be withdrawn only for purposes of a provident character. In a very small number of schemes the whole of the bonus is devoted to provident purposes. With regard to those schemes in which part of the bonus is retained for investment in shares in the employer’s business and the other part is either paid out in cash or retained on deposit with the employer for provident purposes, in several cases the provisions as to withdrawal are subject to the retention by the company of the whole of the bonus until a certain amount of stock has been bought or for a specified period. In a few schemes the whole of the bonus is always retained by the company for investment in its shares or stock, one company( b ) making an additional provision that money may be temporarily withdrawn in specially approved circumstances up to one-half of the amount of bonus which may be awaiting investment; while another com pany^) provides that in special circumstances (sickness or unem ployment) the trustees will lend an employee an amount equal to two-thirds the market value of his shares together with any uninvested bonus standing to his credit. With regard to the shares obtained by the investment of bonus, restrictions are imposed by nearly all companies in order that such shares shall not be transferred without their consent being pre viously obtained. In a few cases( a ) the shares are held on behalf of the employees by trustees, while in others( e ) it is provided that the shares shall only be held by employees. In the case of most gas companies (which comprise the majority of cases in this group) the shares are held in the individual names of employees, and special provision is made by which employees selling shares (“) Particulars are given of the form of bonus payment adopted by each firm in Appendix A. (pp. 95-101) ; see also Summary on p. 102. Similar par ticulars are given for abandoned schemes in Appendix B. (pp. 102-113). ( b ) No. 119. (°) No. 106. ( <l ) In the case of No. 128 the shares are held by three Trustees, consisting of a director, a co-partner, and the secretary of the company. The shares are held in trust by the directors in the case of No. 65, and by two Trustees, one of whom is appointed by the company and one by the employees, in the case of No. 106. The votes on account of shares held under the last-named scheme are vested in a Committee of five, including two profit-sharing employees, and are to be exercised era bloc. In the case of No. 84 the shares are held jointly in the name of the employee and the company’s engineer. In the case of Nos. 91 and 121, shares are issued in the name of employees, but the certificates for them are retained by Trustees. CO No, 43 ; and see the special case of No. 49, where shares are held by an employees’ society (pp. 49-52). Reference should also be made to the rules of No. 78 (see pp. 46-49). The shares of No. 43 carry no vote and may only be sold when an employee holds an amount equivalent to a year’s wages.

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