- Impact date: 2013
Earlier this month, the Chancellor, George Osborne, announced proposals for a new type of employee ownership arrangement, under which employees would give up some of their employment rights in exchange for shares in their employer. The government has now issued a consultation paper on these proposals, in which it is clear that it is actually proposing a new employment status, "employee owner". It is seeking views on:
- How the government will implement this new status in practical terms.
- The implications for employers, individuals, and the labour market in general.
The deadline for responses is 8 November 2012.
It is proposed that the proposals would be brought into effect by the Growth and Infrastructure Bill, which would amend the Employment Rights Act 1996 to introduce the new status.