Further to our previous blog, it was reported yesterday that the new ‘Employee Shareholder’ status proposals, removed by the House of Lords, have been reinstated by the House of Commons in the draft Growth and Infrastructure Bill. An employee shareholder will receive shares worth at least £2,000 in exchange for giving up certain employment rights such as the right to claim unfair dismissal (in most circumstances) and a statutory redundancy payment.
The bill containing the concept of ’employee shareholder’ now needs to go back to the House of Lords for a further reading. Watch this space!
For further information please contact a member of the employment team.