The sun., 1918-12-16
PAY RAISED TO MEET
high COST OF LIVING
BANKERS Trust Co. Increases
Salaries of Employees From
) to 10 Per Cent.
RESULTS FROM INQUIRY
Head of Institution Accepts
Committees Report-Fourth
Boost in Two Years.
RESULTS FROM INQUIRY

TIE Bankers lTust NoHipaHS mas
due, completed a novel investigation
os result Of which most OF its en-
.iovses have had their salaries IN
f'ro.sed from 80 TO 20, per cent. 1t is
A., fourth readjustment of salaries
ado within two years by direction of
seward Prosser, president OF the bank.
1vo wears ago Mr.. Prosser, salts
Ga that salaries had not kept pace
III. the increased cost OF living, made
AZ Investigation as TO the cost of food.
.,,,nine and rent in the metropolitan
S,.,r,et and also OF the percentages
=, compensation that should be made
- the different ranges of income. The
,ssu,ts we're considered absolutely fat-
ty officers and employees OF the bank.
The change that has just been de-
AIRED gives to all employees on the
rayrolls prior TO July /, 1916, a cash
alil,ion ranging from 80 to 40 per
c,n, OF their salaries. This cash dis
,,f,utjon IS proportionately less for
s,.n,oyees who have gone on the pay
rolls ct different periods since 1916.
because Of the fact that their salaries
wan they were engaged, were &C
ccp,ed on the basis of living costs at
that time.
All Employees VIII BENEFIT.
For example, employees who entered
TIA service OF the bank during the
year 1916. will receive cash distribu-
tons running from 90 to 35 per cent.
Of their salaries, which are graded in
accordance with the range Of their in
comes and the month they entered the
,ompany's employ. For the employees
engaged during 1917, the percentage
varies from s TO 25 per cent, and for
employees who have been engaged
during the year 1918 the distribution
will lie per cent. of their salaries.
Salaries above $4,000 are to be COM
p,nsated in the same dollar amounts
AZ those of $4,000. In calculating
ihcte percentages the committee rec
commended that those in receipt OF
salaries Of Si.1O0 to s1.2s9 n veal
should receive the highest percentage
nj compensation, as 1t is felt thi:
class carries the greatest burden.
The committee OF employees that
made the report consisted OF c. o
Cornell. Herman Knoke, Harry c
Book. Charles c. Gardner and Clarence
Campbell. Among other things the
report said
1.-THE index figure based upon Brad
streets prices for essential commodi
ties, which has been continuously use'
by this committee as one indication o
the trend OF living costs, shows fur
Their upward trend during the sil
months period TO END December 81
1918. which this report covers. Thu
average index figure for the periot
November AMI December estimated
Is :70.95. comparing with 259.71 TO
the January-June, 1913, period las
compensated for.
How the Inquiry Was Made.
AT the time its last report was mad
thu committee expected n further ir
crease in living costs would be realiza
during the current six months per'o
but felt that the company could not
expected to compensate employees Il
the entire increase in living costs, an
therefore recommended a basis of di!
tribution which IL felt could justly
established as the maximum distribl
ton which would be made in the II
ture TO compensate for increased liz
ins costs.
The distribution now recommend
10 compensate for increased Twin
costs during the current six monti
period is the same amount at each sa
airy range as was determined upon
The report last submitted, covering Il
six months ended June 80, 1918; Il
minimum distribution of per cent.
recommended for all employees take
on since January l, 1913, exceptr
that in no case shall the amount di
trbuted be less than s25.
The minimum distribution is re
commended as it is regarded as a ju
distribution TO the low salaried en-
ployees employed during the year.
The committee recognizes the HI
spirit Of equity which has been ey
denced by the officers in initiating al
continuing its activities and of Z
company's reception OF its findings. !
the ending OF the war brings prospe
OF decreasing living costs. the commi
lee has in mind the necessity of esta
fishing n basis for such future distrib
Ton as may be made which will ia
into account such decreased costs
may be realized"
The method used by the commit
to arrive at basis OF compensate
for increasing cost OF living original
with Mr.. Prosser in the fall OF 1916.
wanted all the facts in the case so tn
distribution of compensation, II wa
iranted, should be made on an equital
basis.
This semi-annual distribution by I
Bankers Trust Company is not in I
nature ~ a Christmas bonus. For
htter purpose the company has Z
cared per cent. cash distribute
WON TOMMTSCTON