The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-06
new SHARING PLAN.
Unique System Of Service Gratuities
introduced by the First
National Bank.
It Is the Idea to Encourage Loyalty,
Long Service and
Thrift.

The First National hank has maintained
it's record as pioneer among Minneapolis
banks in innovations for improvement in
it's service and for the maintenance of
cordial relations with it's employees by the
establishment of gratuity fund. 1t thus
takes a long step in the realm of civil
SERVICE: toward centering the interest
Of its clerks in their institution and
toward promoting faithful and long serv-
ice as we'll as habits of thrift and saving.
Along with many other business insti-
tutions Of the city the First National
bank has for several years shared with
it's servants the profits of the closing
year. This bonus was based on length
of service, amount of salary, special con-
ditions of the recipient, etcN Beginning
Jan. 1, 1903, the distribution of this
gratuity was placed on a more business
like basis, and pass books containing the
individual credits have just been distrib-
uted among the fifty or more office en-
ployes.r.'-
The plan is this: The fund shall con-
sist of such gratuities as the directors
from time to time may decide to grant.
On Jan. 1 the bank credited to each en-
ploye 4 per cent and 3 per cent of his
1902 salary. The per cent was an abso-
| lutte gift, the 3 per cent a conditional
| one. On these credits the bank allows a
rate of interest which for 1903 has been
fixed at 4 per cent. This rate places the
employees in position to share in the
profits to a certain extent and at the same
time it indicates that the bank has no
financial interest. in the plan to retain
the credits on deposit. 49,
| To preserve the purpose of the fund,
| the scheme wisely contains such condi-
lions as follows: An employee leaving the
bank within two years from Jan. i, 1908,
or within two years from the Jan. / fol-
lowing: his entry, into service may with
draw his absolute credit and it's accrued
interest. Should he be discharged with
in five years of such date or dates the
same rule will apply. 49,. ...
Those who leave the banks employ
after two years continuous service may
Withdraw absolute credits and interest
but for conditional credits and interes,
a sliding scale has been adopted.
, rms scale is automatic. The clerk wht
has been employed more than two years
and less than three may withdraw 10 PEI
cent of the conditional credit; less thar
, | four years 20 per cent and so on in multi
pies of 10 until at;the end Of ten years
, the conditional credit Is released and tn
: total Of both funds and interest may b.
: Withdrawn in cash If the employee s.
> elects. This amount on salary of 81, 90
= during a. ten year period with no change
: In the bonus rate would be about $780,
But in the case of dismissal after NOR
than five years continuous service, on
u such part of the conditional credit ma,
be withdrawn as the directors of the banj
y may determine. cid s T., as. .' -
Conditional credits forfeited by EN-
ployes leaving the service accumulate i
u a forfeiture fund for the benefit of thos
remaining in the service and will be di
vided at certain intervals. a14 ="
Emergencies are provided for. In cas-
I of total disability an employee may dra,
I the absolute credit and such part of tn
: conditional credit as the bank may Sc
S fit to- allow. In case of death both cred
: its and interest area payable to the 1egs
: representative, or to the next 'of kin.
$ BY signed agreement these credits ar
n non -assignable, free from garnishment an
g from execution. An attempt to assign
g credit will cause its immediate cancellation
The bank is free from the prosecution c
t alleged claims and demands as to condi
= tional credits. All credits shall stan
1 against any liability the beneficiary ma
= owe the bank.
r The plan has met with appreciative &C
l. ceptance on the part of the employees an
= is now in working ORDER
8 The First National has made good tn
initial part Of It's name, being the first {
the Minneapolis banks to consolidate wit
another; the first to take up the statemer
e system of accounts with depositors; til
/ first to establish the double check systel
of working it's office force and the frs
to propose a large and stable increase
it's capital. : - .. 49, ~. 49,.