Employee Shareholder status to come in to force (finally!)

News - 25/04/2013

CODE: GREEN

The long running saga as to whether ’employer shareholder’ status will come into effect has ended. Following our blog yesterday, the Government introduced a further concession into the Growth and Infrastructure Bill which has now been accepted by the House of Lords.

The further concession offered by the Government was that the employee shareholder contract will be invalid until the employee obtains advice from an independent advisor (solicitor, union etc). In addition the employer has to pay the reasonable costs of such advice even if the employee does not go on to accept the contract.

It is expected that the Bill will come into force in the Autumn of 2013.

For further information please contact a member of our employment team or call 01737 854 500 or email [email protected]

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Although correct at the time of publication, the contents of this newsletter/blog are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Please contact us for the latest legal position.

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