This law, passed on 14 December 2006, widens the scope of profit sharing and shareholding for employees by implementing a number of new provisions. These provisions include, for certain companies, the simplification of intéressement and participation profit sharing schemes, the requirement for negotiations to take place on the implementation of profit sharing schemes, employee savings plans and employee pension savings plans. The law also encourages employee shareholdings by providing tax breaks for both employees who choose to participate and for companies that provide training on employee savings plans and business economy. Another major development to be implemented by this law is the progressive removal of the Delalande tax on the dismissal of any employees over the age of 50. This tax was a considerable financial burden for companies dismissing older employees as the tax could be as high as 12 months salary in addition to any payments due to the employee. The Delalande tax is no longer applicable for the dismissal of employees hired after 31 December 2006 and will be totally removed for all dismissals as from 1 January 2008.