Always thought it was a ripp off having contributed to the company coffers and not being able to get the profit share because of this and that.
We are pleased to announce a change in the Profit Share Rules for the 2006-2007 financial year.
Employees who have completed at least six calendar months service in the financial year will now be eligible for a prorated payment calculated for each complete calendar month worked. Recall previously the Profit Share Rules required an employee to be in service for the full 12 months of the financial year to be eligible for payment.
This effectively means:
Employees who joined prior to 1st April 2006 and worked throughout the financial year will be eligible to the full profit share payment.
Employees who join prior to 1st October 2006 and work at least six calendar months in the financial year will receive a prorated profit share payment.
Note, to be eligible for receiving payment of the 2006-2007 profit share, an employee must be in-employment on the date the profit share is actually paid out.