New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-12-13
PROFITS FOR EMPLOYEES.
Brooklyn Edison Company to
Give Part of Earnings.
SIX HUNDRED TO Benefit
A. N. Brady's Concern Also
Adopts Plan to Pension Many
of Its Workmen.

The board OF directors Of the Edison
Electric Illuminating Company of Brook-
lyn finally passed yesterday afternoon
profit sharing plan which will divide S4o'"o
among six hundred of its employees at the
end OF the year. The announcement was
made to the employees in q congratulatory
letter by Anthony n. Brady. president lie
said in part:
I'm recognizing in this manner the good
service rendered by our employees the COIN
pany is inaugurating a plan which. it is
hoped will stimulate them to habits OF
thrift and industry and at the same time
encnura &c even closer cooperation between
the company and its employees.
At the close of the year workers who
have been two years in the service of the
concern will receive . per cent of their
salaries: those who have been with the
COMPANY three years. per cent; four
years. per cent: five years and longer.
Der cent The percentage is regulated by
the percentage paid to ethe stockholders.
which is now per cent AS Mr.. Freeman.
general manager, explained, the plan was
to enable the employees to capitalize their
earnings on the same basis money is in
vested in the stock The money is given
as a premium for efficiency. Efficiency. he
explained. does not really begin until a
man has been two years in the employ OIL
the concern
The plan has been under consideration for
long time. Mr.. Freeman said TINS was
the first instance occurring in New YORK
City of any big corporation undertake
ing a profit sharing scheme on so large
scale AS the company has fifteen nun
6red employees the amount will grow rapidly
from year to year
The board of directors. at the same Tune
provided for pension scheme. Those VINO
will benefit are employees who have reacheh
the age of sixty-five and who nave peeh
at least ten years with the company con-
tinuously Such employees may receive Il
pension. either at their option or that OF
the company. An employe of ten years
standing who has become unfit for work
NAV also be retired and pensioned The
nroyision for the payment of pensions Is
as follows:
'.For each YEAR of continuous service. not
less than per cent nor more than per
cent of the average pay received for the
five years next preceding retirement. pro-
vided that no pension shall exceed 30 per
cent of the wages paid at the time of re-
tirement.
Special arrangements are made for en-
Moves receiving more than $500 a year at
the time of retirement. new and lower
basis of pensioning may be provided Tor
hereafter. if the amount required to \pay
the pensions exceed $4,000.
The profit sharing scheme is a much
larger proposition. The way that the an
nouncement reads employees of two years
standing will receive percentage of their
wages equivalent to one-quarter the rate
of dividend paid on the capital stock. The
three-vear employees will receive half. the
rate the four-year employees three-quarters
of the rate and the five-year workers the
full rate.
The plan is only adopted for year and
must be readopted from year to year. The
amount credited to the employees Will be
paid to the trustees of the Brooklyn Edison
Investmen. Fund. which established
on June %. The employees will not be able
to draw out the amounts in less than three
years. unless to make payments toward the
purchase of homes: because of the death
of employees when representatives may
draw out the credit balance, or where
their is unusual necessity.
The distribution of the profits and PEN
sions will be carried out by the ''provi-
dent committee which Will consist of the
companys general manager. general super
intendent and treasurer and two directors.
This committee will have full power to cut
off the benefits where it deems such action
eynpdieni