After many debates and after rejecting the bill twice, the House of Lords finally approved the employee ownership bill aiming to allow workers to give up some of their labor rights in return for shares in the company. But there have been concessions. Employers will have to offer free legal advice to employees who agree to the system. Thus, the bill could come into force as anticipated, in September. (Ref. 130283)
It really is a small victory for the government. The members of the House of Lords approved the bill aiming to introduce a new employee-shareholder status in UK firms (see article No. 120734), with 275 votes in favor and 168 against, which means that the text won’t go back to the House of Commons. Indeed, the bill did a ‘ping-pong’ legislative procedure between the two Houses, showing how important it can be and pointing to the numerous questions this new system raises (see article No. 1301
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