Ekornes

Ekornes group bonus scheme

New regulations applicable from 01.01.2008.

1. The bonus is calculated as a % of the monthly salary, where the % rate is dependent on the operating margin in the consolidated group accounts, calculated on the basis of the result before financial items and before debiting of the bonus (see table).
2. The monthly salary is defined as the reported annual salary deducted by the bonus for the previous year, salary for absences, excluding salary for absences relating to accident reports and salary for absences relating to maternity leave, divided by 12.
3. Clocked in hours during active sickness reporting and graded sickness report grant a bonus.
4. The bonus scheme only applies if no other payment has been received from another personal bonus. If a personal bonus is lower than a common bonus, the difference will be paid.
5. The bonus for the individual is calculated proportionally in relation to the number of months the employee is employed in the year for which the bonus will be paid. Only those who are employed as per 31.12 this year, and those who leave on a pension in the course of the year, can receive a bonus.
6. The calculated bonus includes holiday pay for the bonus. The bonus excluding holiday pay (12%) is added to the holiday pay basis for the payment year. The holiday pay on the bonus will thus be deducted, and will be paid together with the ordinary holiday pay the following year.
7. The bonus deducted by holiday pay and tax (at the individual's tax rate) is paid upon the first salary after the preliminary accounts for the previous year have been reviewed by the board of Ekornes ASA.