The proposed employee-owner scheme is set to offer employees the opportunity to take between £2,000 and £50,000 worth of shares in the company they work for - but you'll have to be willing to give up some of your employee rights. The scheme was announced by George Osborne at the start of the week and consultation will begin later this month with a possible commencement date as early as April 2013.
Under the proposed plans employees would receive shares worth between £2,000-£50,000 with Capital Gains Tax exemption. In return the employee would sign away certain rights - include the right to request flexible working or time off to train, the ability to sue for being mistreated, redundancy entitlements and the current eight weeks notice of return from maternity leave would be extended to 16 weeks. The scheme would be voluntary for current staff but compulsary for new hires and start up firms.
"Currently, under the law employees have to seek independent legal advice before they are able to 'waive' their employment rights," comments Leon Deakin, an Associate at law firm Thomas Eggar. "I presume this will continue to be the case, which begs the question: who pays for this advice prior to the employee starting? Probably the employer! Alternatively, the law will be changed, which leaves employees vulnerable to signing away their rights without fully understanding the impact of that decision. Given the desperation out there in the job market this is far from ideal."
James Hall, Associate in the Employment Team at Charles Russell LLP, also has reservations, commenting: "At the moment these alternative contracts have only been outlined in rough form, leaving many quesions unanswered. The status of the shares is a key aspect that needs further clarification, particularly as to whether they would need to be given or purchased and whether they would carry voting rights in line with being a true 'owner'. Depending on how the legislation is drafted there may be ample scope for any such voting rights to be limited leaving the 'real owners' in charge of the company, despite the sacrifices made by the 'employee-owners'.
With two locations in the heart of Mayfair, The Clubhouse is London’s leading business club, lounge and meeting space.
Rock of Ages
Win an overnight stay for two people in a double or twin room, including full English breakfast and use of the Lensbury's outstanding leisure facilities.
It’s never too early to start booking for 2015
Executive Personal Assistant for the Creative Arts Industry
£20,000 per annum
Full time position - 1 year contract
Breakfast at the Olympic Park
On Wednesday 12th November 2014 - 8.30am - 10.00am the venue will be set for a hand crafted breakfast with spectacular views of the city and into the distance.
Christmas at the Criterion
On Monday 13th October a select number of PAs will be invited to come and enjoy a fantastic Christmas meal at the glamorous Criterion Restaurant.
Cocktail Master Class
Thursday 13th November 2014, 6:30 pm
Coin Street Conference Centre Showcase
Coin Street conference centre will be opening its doors for an exclusive afternoon of networking, delicious food and venue tours all taking place in the ideal surroundings of London’s South Bank.
Dinner and Overnight Stay
On Thursday 7th November a select group of Executive PA Magazine readers will be treated to a fantastic dinner and overnight stay at the Runnymede on Thames Hotel, with a “Cup Cake Challenge” to boot! Apply to attend!
Exclusive launch - Marriott Kensington
Wednesday 22nd October 2014 Marriott London Hotel Kensington are about to unveil new, high-tech meetings and event spaces following a £1.3m refurbishment.
Lunch, dinner and stay at Pennyhill Park
10th - 11th October 2014.
Visitor registration for office* – the UK’s leading annual business event for executive support professionals – is now open online Office Show 2014 office* returns to London’s Olympia on 7-8 October 2014.
18th - 20th November We are delighted to inform you that visitor registration for EIBTM 2014 is now open!