XX | XX | OF PONTARLIER (DOUBS) | XX | 41 |
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by the House of Pernod and Sons to its workmen and |
employees. The funds remain deposited in the firm and are |
productive interests; each workman receives a booklet which |
reports to him, at the time of accounting, the share of the |
benefits in which he is vested.
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In order to make sure the workmen do not waste the |
savings accumulated for their benefit, the rules stipulate that |
the shares are nontransferable and nondistrainable and that |
participants can touch their share of the capital only when they |
leave employment with the firm. The only exception to this |
rule is for workers who want to acquire a house. Mr. Pernod |
agreed to that, figuring that settling on real estate is a |
guarantee against the temptation to waste money to which |
workmen in possession of movable capital easily succumb.
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At the end of each year, all participants are vested in the |
interest accrued to them that year.
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The benefit shares increase with years of service for a |
period of six years, after which they reach their maximum rate |
which was in 1894 40% of wages; the minimum rate was |
10%.
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The retirement fund had grown as of December 31st, |
1894 to 267,566.25 francs.
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Retiring workmen and heirs to deceased workmen have, |
since the foundation of the retirement fund, withdrawn the |
sum of 238,705.25 francs.
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We have before us (December 1894) the account booklet |
of a worker who has participated in the plan since 1871, and |
whose share has accumulated with interest to a total of |
11,351.70 francs.
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The firm insures its workmen against accidents; it
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(Translated by "Artemis" for your pleasure.) |