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  Profit Sharing and Labour Copartnership

Introduction to Profit Sharing and Labour Co-partnership

The remuneration's profit sharing schemes are gaining very much popularity these days. Additionally to the wages that the workers generally receive, a share is provided to the workers in the profits of the firm. This permits the workers to work with better interest and eagerness in the factory since there is a relation among their work and higher production leading to greater profits to the management that in turn shall bring a greater share to them as extra remuneration. These days Workers also put their claim for a scheme of profit sharing like they are aware of the fact that on account of their labours, the production is raised and the reward of increased output goes completely to the pockets of management. In the net profits of the firm Workers share can be computed on any of the following basis:

(i) A fixed percentage, state 1% of yearly net profits of the firm, might be permitted to workers used in the factory at the end of the accounting year. Interest on capital and the transfer to general and other reserves can be given out of net profits previous to applying this percentage.

(ii) The profits earned through the factory might be calculated department-wise and the workers working in a specific department may be provided a fixed percentage share in the profits earned through that department.

(iii) Profits might be calculated per unit of output and a part of profit might be permitted to workers on this basis.

Workers share in profit might be dealt along with in any of the following ways:

(i)                 It might be distributed in cash to the workers; or

(ii)                It might be credited to the worker's provident fund and pension fund other option is to make a part payment in cash and to credit a part to the provident fund account.

The workers might be provided bonus shares for the profits earned via them. Issue of bonus shares shall enable them for dividend also in future and they can participate like shareholders of the company in its several meetings and affairs. This type of profit sharing is frequently considered to as 'Labour Co-partnership'. Here the workers comprise a say in the management because they have a voting power with them due to holding certain shares. This is a true illustration of the employees in the company as they contain a share in the profits, capital and control of business where they are employed.

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