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New EMPLOYEE OWNER Status from April 2013

Employee Owners will give up the right to claim unfair dismissal; redundancy payment; the right to request flexible working (in most circumstances); the right to ask for time off for training; and will have to give a longer period of notice for returning to work after maternity or adoptive leave.

In return, they will receive from £2,000 to £50,000 in company shares.

They may be required to sell back the shares upon leaving the company.

The new Employee Owner status will create complex issues for both employers and employees, and seems to introduce more rather than less red tape, contrary to the Government's stated aim. The proposal could create a two-tier workforce with different rights. If you are considering employee ownership, it is recommended that you seek legal and financial advise.

 

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