Profit sharing for NFC
Page 6
If you've noticed an error in this article please click here to report it so we can fix it.
• Employees of the National Freight Consortium will be given the chance to share in up to 15% of the company's profits in a profit-sharing scheme approved by shareholders last weekend.
From October. 1987, any permanent employee who worked for the company throughout the previous trading year will be eligible to be included in the scheme.
There will be two parts to the scheme. The first, is a savings related scheme under which employees can contract to buy a certain number of NFC shares over the year. They will receive bonus shares according to the performance of the company over the year.
The second part of the scheme involves the free allocation of bonus shares over and above the savings scheme, the number being determined according to the number of years a worker has spent with the company and that worker's level of earnings.
Nobody is likely to become rich from the scheme, but NFC employees are likely to find the profit-sharing scheme provides a welcome boost to income.
In the most recent year for which figures are available (1984/5), the NFC made a profit of £28.8 million before tax. If that profit had been in eluded under the proposed scheme, each of the NFC's 25,000 workers could have expected to see an average of up to 2172 each in the form of NFC shares.