Lucas Industries Plc

EDM number 142 in 1994-95, proposed by Jeff Rooker on 28/11/1994.

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 ú125 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 ú1 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 ú90 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.

This motion has been signed by a total of 57 MPs.