personal contract

personal contract

a CONTRACT OF EMPLOYMENT which is determined solely by the employer and employee, and covers only that one employee. Many of the collective agreements underlying the terms of employment contracts, such as standardized conditions of employment reached by agreement by employer and trade unions, are explicitly excluded. The main purpose of most personal contracts is to take employees' pay out of the ambit of COLLECTIVE BARGAINING and to remove or limit employees' rights to representation by a trade union, thereby weakening trade unions. Instead an employee's pay is determined on a personal basis between employer and employee. For this reason personal contracts are often introduced alongside PERFORMANCE-RELATED PAY. Personal contracts often appear attractive to employees because it is common for substantial cash inducements to be given to encourage employees to sign them and because they appear to be more personalized than previous contracts. In practice most personal contracts are standardized with employees given little opportunity to negotiate over the contract's terms. Furthermore, most give greater discretion to employers than those they are replacing.
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Saud Abbasi, General Manager, Al-Futtaim Motors - Lexus said: "We are confident our Personal Contract Purchase solution will be popular with those customers who need flexibility, low monthly installments and guaranteed future value for the vehicle at the end of the agreement.
Priced at EUR13,000 for the three door and EUR13,600 for the five door, the Swift Attitude is also available to buy on a personal contract purchase (PCP) for EUR1,820 deposit and EUR217 per month for 43 months with a final payment at the end.
The scheme would be similar to a Personal Contract Purchase Plan and punters would pay around pounds 100 a month to lease a 500, complete with five-year 312,000- mile manufacturer's warranty.
Using the Solutions flexible personal contract plan, most models in the VW range are included in the offer.
Typical of what is on offer is the A-Class personal contract plan in which a 150 Classic SE three-door with metallic paint costs pounds 190 a month over 36 months and an annual mileage of 10,000.
From 4th October 2015 all Subaru Forester models are available with low fixed monthly payments of PS299 (plus deposit and final payment) on Personal Contract Purchase (PCP), spread over 4 years.
FIAT is aiming to boost sales on personal contract purchase plans with a 'Say No' promotional event which started this week and runs until March 24.
Under the scheme the popular A-Class is available from PS249 per month on Agility Personal Contract Purchase and comes with three years free servicing if registered before the end of this year.
There was growth in most finance products for new cars in March compared with the same month in the previous year, with leasing up by half, hire purchase by 37% and personal contract purchase by 30%.
Additionally, there are further affordability options with low rate PCP (Personal Contract Purchase) schemes on Alto, Splash and Swift models.
For example, a new i10 can be had for pounds 6,995 or pounds 109 per month on Personal Contract Hire.

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