Early day motion tabled by primary sponsor Lord Rooker (Labour), on Monday, 28 November 1994, in the House of Commons. It is signed by 57 members in total.

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LUCAS INDUSTRIES PLC

That this House is bewildered to learn that Lucas Industries has abandoned its half century tradition of presenting a Christmas bonus to its pensioners; notes that the company has in the past year, due to the efforts of its workforce and management, increased its operating profit by 48 per cent. to ??125 million and that its direct exports from the United Kingdom are up by 18 per cent. and that sales per employee have increased by no less than 24 per cent. in the past two years; cannot understand why the company claims that this harsh decision, which saves less than ??1 million, towards its former loyal employees shows in the words of its spokesperson 'it was felt we needed to move with the times'; recalls that the Company raided the pension fund of ??90 million in 1992 and has not contributed to the fund for eight years; believes this shows that this great engineering company, formed with the sweat and toil of its workers and founders in the heart of inner Birmingham, and now a world class player in manufacturing, is headed by a management that has divested itself of the values and traditions of the company's founder; and believes they should be thoroughly ashamed of themselves as they collect their fashionable executive share options and other perks while on their three year contracts.

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Secondary information

Type

Early day motion

Reference

142 

Session

1994-95

Subjects

Pension funds Lucas Aerospace Christmas bonus

Link

View this Early day motion on www.parliament.uk