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Dec 21, 2023 · The bonus would be worth about £163 today if it had risen in line with inflation. The scheme rose temporarily after the financial crash of 2008, when the UK government increased the amount to £70. Aug 30, 2023 · History of Christmas Bonuses Woolworth’s birthed this tradition back in 1899, offering a cash bonus of $5 for each year of service with a limit of $25. In Woolworth’s early years, they established a pattern of rewarding their employees with a generous Christmas bonus. Nov 20, 2024 · A Brief History of Christmas Bonuses The tradition of Christmas bonuses has its roots in 19th-century Europe when employers would give their workers small tokens of gratitude during the holidays. As the corporate world expanded in the 20th century, cash bonuses became the norm, symbolizing recognition and goodwill. Christmas bonuses became increasingly common throughout the last decades of the nineteenth century, but between 1900 and 1920, these kinds of personalized exchanges all but disappeared. Labor unions, which grew in numbers and in influence during this period, began to bring the issue of the Christmas bonus to the bargaining table. Feb 2, 2009 · By the 1950s, the Christmas bonus officially lost its status as a gift: when a firm announced a reduction in its annual Christmas bonus as a way to make up for the expense of introducing a costly new retirement plan, the union tried to negotiate the employees’ holiday bonus. In Latin America, the Christmas bonus began to be institutionalized as a labor benefit during the 20th century. Countries such as Mexico, Argentina, Colombia and Ecuador adopted legislation that established the Christmas bonus as a right for formal workers. (Source: History of the Christmas bonus - La Nación) Importance of the Christmas bonus. Dec 29, 2011 · At the turn of the 20th century, U.S. employers began substituting the traditional 19th century Christmas offerings to employees — turkeys, watches, candy or gold coins — with a cash bonus. The Christmas bonus is part of the other-remuneration category, under §39b Abs. 3 of the EStG. [24] The Christmas tax allowance was abolished with the Tax Reform Act of 25 July 1988. [ 25 ] Since July 2008, federal officials have no longer received Christmas bonuses; the special payments (Christmas and holiday bonuses), amounting to five ... Dec 12, 2023 · Let’s delve into the history of Christmas bonuses to understand their origins and significance. The Early Beginnings. The concept of a Christmas bonus can be traced back to the 19th century, coinciding with the Industrial Revolution. This era saw a significant shift in work practices and employer-employee relationships.

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