The Department for Business Innovation and Skills has published a consultation paper on its plans to create a new employment status called an ‘employee owner’.
An ‘employee owner’ will be offered between £2,000 and £50,000 of shares in the company in exchange for giving up certain employment rights, such as:
- unfair dismissal rights (apart from automatically unfair reasons and where dismissal is based on discriminatory grounds)
- rights to redundancy pay
- certain statutory rights to request training, and
- the statutory right to request flexible working
‘Employee owners’ will also have to give more notice to their employer of their intention to return from maternity or adoption leave early.
If you have any questions about these proposals please contact one of our employment law solicitors – email@example.com