PROFIT-SHARING WITH WORKMEN.

Waikato Times, Volume XXXIV, Issue 2742, 8 February 1890, Page 5 (Supplement)

PROFIT-SHARING WITH WORKMEN.

The South Metropolitan Gas Company has agreod to give about 700 of their workman a direct interest in the company's profits on the principle of the sliding scale as contained in the following notice : —" In order to give every regular workmen in the employ of the compauy a direct interest in its prosperity, the directors are prepared to placo to the credit of every such workman who will sign the following agreement herewith annexed, a sum of money annually as a bonus or percentage on his wages, regulated by tho price charged for gas, on the principle of the sliding scale, so that the workmen, as well as the shareholders, ehall bo benefited by reduction of price. Tho shareholders get j> per cent, additional dividend for each retluc tion of Id per 1000 cubic feet. The workmen's scale will be 1 per cent ou their year's wages for every penny reduction btlow 2s Sd per 1000 cubic feet, which at the present timo will amount to 5 per cent on the. wages of the present year. For the pm-poae of making a good start, and in order that the men may derive a substantial benefit at once, the system of bonuses shall be calculated three years back—that is, for the first year it will be two, for the second three, and for the

third three per cent., which is equal to eight per cent, cm the year. This will give to t.he man who has been in constant employ for three years at say 303 par weak, rathsr over £G ; to the 24a a week man, about £5; and other rates in proportion. Four per cent, interest will be allowed on each man's account, who will have the option of receiving it yearly or lettiug it accumulate at compound interest. When a man attains a certain age, or lias been a certain time in the service, he will be entitled to tho whole sum, principal and interest, No money, except in case of doath, is to bo withdrawn during tlu) first year, nor during the first five years except in cases of death, superannuation, or leaving the servieo of the company. Those men who accept this offer are roquested to give in their names to tho engineer of their station. As soon as possible a committee, to bo composed of oqual numbers of workmen (selected by themselves) and officers (chosen by the directors), presided over by t.he chairman of the company, is to bo formed to settle all details. This offer is made as a recogni-

tion of faithful service in the past, and as an inducement to the samo in the future. The money will be £ho absolute property of the men, except in the case of a strike or wilful injury to the company, in which ensss, and those only, it will be forfeited by thoso meu guilty of that conduct."