1
The Regulations provide for the payment by the Iron and Steel Holding and Realisation Agency of compensation to officers or servants who suffer financial loss by reason of the denationalisation of the iron and steel industry, that is to say:—
a
to persons who on the 13th day of July, 1953, were officers or servants of companies which on that day became subsidiaries of the Agency and who suffer loss of employment or loss or diminution of emoluments or pension rights in consequence of the duty imposed on the Agency to secure the return of the undertakings of those companies to private ownership, and
b
to persons who were officers or servants of the Iron and Steel Corporation of Great Britain immediately before the 13th day of July, 1953, and who suffer loss of employment in consequence of the operation of the Iron and Steel Act, 1953.
2
The compensation payable is:—
a
resettlement compensation for loss of employment (see Part II of the Regulations), and
b
long term compensation for loss of employment or loss or diminution of emoluments or pension rights (see Part III of the Regulations).
3
Resettlement compensation is payable to officers or servants of companies which have become subsidiaries of the Agency and also to officers or servants of the Corporation. The qualifying conditions for such compensation are set out in Regulation 3 and the method of calculating the maximum amount of such compensation in Regulation 6. The maximum period for which resettlement compensation can be paid is twenty-six weeks.
4
Long term compensation is payable to officers or servants of companies which have become subsidiaries of the Agency. The qualifying conditions for such compensation are set out in Regulation 9 and the method of calculating the maximum amount of such compensation in Regulations 13 (loss of emoluments), 14 (diminution of emoluments) and 16 (loss or diminution of pension rights). Long term compensation for loss of emoluments (including any loss of emoluments resulting from loss of employment) or for diminution of emoluments can be payable up to (and in certain cases beyond) the claimant's pensionable age.
5
The provisions relating to the procedure for claiming compensation (including appeals to a tribunal) and other ancillary matters are contained in Part IV of the Regulations.