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Vollkaskovertrag

English translation: no-fault contract

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Vollkaskovertrag
English translation:no-fault contract
Entered by: Patricia Will
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15:14 Jan 10, 2008
German to English translations [PRO]
Social Sciences - Government / Politics / Top manager salaries
German term or phrase: Vollkaskovertrag
I know this is fully comprehensive cover in the insurance industry but what could it mean in the context of top manager salaries and their excesses. Sentence reads: Was tun gegen Auswüchse bei Abfindungen oder Vollkaskoverträge, die auch vorkommen? Is it a contract where the manager gets paid a fixed amount regardless of performance? If so what is this called?
Patricia Will
Australia
Local time: 02:16
no-fault contract
Explanation:
The issue here is one of responsibility. Too many managers in Germany allegedly get away with too much - and it's become a hot issue in the media.

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Note added at 15 mins (2008-01-10 15:30:24 GMT)
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To answer your question, yes, this is a contract where the managers can deliver a dismal performance and still receive all the benefits and bonuses and goodies stipulated in their contracts while the workers have to accept pay cuts to keep the company afloat.
Selected response from:

Paul Cohen
Greenland
Local time: 16:16
Grading comment
Thanks!
4 KudoZ points were awarded for this answer

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Summary of answers provided
3 +5no-fault contract
Paul Cohen


  

Answers


13 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +5
no-fault contract


Explanation:
The issue here is one of responsibility. Too many managers in Germany allegedly get away with too much - and it's become a hot issue in the media.

--------------------------------------------------
Note added at 15 mins (2008-01-10 15:30:24 GMT)
--------------------------------------------------

To answer your question, yes, this is a contract where the managers can deliver a dismal performance and still receive all the benefits and bonuses and goodies stipulated in their contracts while the workers have to accept pay cuts to keep the company afloat.

Paul Cohen
Greenland
Local time: 16:16
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 47
Grading comment
Thanks!

Peer comments on this answer (and responses from the answerer)
agree  Steffen Walter: Or "no-risk/zero-risk contracts" / Not to mention the D&O policies they benefit from...
5 mins
  -> "no-risk/zero-risk contracts" are also excellent possibilities!

agree  uli1: with Steffen
23 mins

agree  Friderike Butler: with Steffen - Mgrs may be at fault for poor company performance, but they are not held liable.
29 mins
  -> Thanks, Friderike. There is also such a thing as a "no-fault marriage". As I understand it, people may, in reality, be "at fault" in an agreement like this, but whatever happens, no matter how things go wrong, they are not held accountable.

agree  Sabine Akabayov, PhD
34 mins

agree  Rebecca Garber: w/ Steffen
22 hrs
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