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

58 II.—PRIVATE FIRMS AND COMPANIES. bonus, would at the next distribution, in 1900, have nothing placed in their withdrawal account unless they should deposit with the company, week by week, a sufficient sum to equal by June 30, 1900, a week’s wages: it was, however, provided that, if a man should have withdrawn money to invest it otherwise, this notice was not to apply to him. Further, at the end of 1900, it was announced that “ all those men who have withdrawn “ their bonus must deposit not less than 6d. a week in the Com- “ pany’s Savings Bank to entitle them to the full bonus next “ June.” By the Company’s Act of Parliament of 1900 the starting point of the sliding scale in relation to the dividend of the shareholders was, as from July 1, 1901, lowered from 3s. 6d. per 1,000 feet to 3s. Id. In the revision of the rules of the profit-sharing scheme which came into force on the same date, the starting point of the bonus scale was made 3s. Id. instead of 2s. 8d.; and instead of the two rates previously in force (1 per cent, on wages if all the bonus were withdrawn and 1£ per cent, if half were invested in stock) bonus was fixed to be paid in future at one uniform rate, viz., three-quarters of one per cent, on wages for every reduction of one penny in the price of gas below 3s. Id. per 1,000 feet. At the same time the investment of one- half of the bonus in the company’s stock was made obligatory for all except the winter men, and the minimum amount of stock to be purchased out of accumulated bonus was raised from £5 to £10. Winter men under agreement were to be entitled to the full bonus provided they returned in the following winter and left the with drawable half on deposit with the company, the other half being invested in stock on their behalf. If, however, they chose to take the withdrawable half in cash, they would not he entitled to any investment in stock. Should the half bonus at any time amount to 5 per cent., the maximum payable to winter men taking payment in cash would be reached. With regard to the disposal of their stock by employees it was now provided that “ Any man “ selling his stock to any outside party, without the consent of “ the secretary of the company, will at once cease to be a Profit- “ sharer .... those wbo sell their stock except for the “ best reasons, such as investing in the Building Society or buy- “ ing a house, and those who regularly withdraw their half bonus, “ will be struck off the list. They may, however, again become “ qualified by saving for two consecutive years an amount equal “ to one week’s wages in each year.” By the same revision the rate of interest on money of the employees deposited with the company was made a uniform 3 per cent., irrespective of amount. By the latest revision of the Co-partnership Rules, which came into force on July 1, 1910, an important alteration was made in regard to the treatment of the bonus. TJp till then, while one- half of tire bonus was required to be invested in the company’s stock, the other half might either be left on deposit with the company or invested in stock, or might be withdrawn at a week’s

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