George Osborne wants employees to "become owners" of their company. The Chancellor of the Exchequer wants to foster a new type of industrial relations where employees give up part of their fundamental rights in return for tax-free shares in the company. (Ref. 120589)
Employees will receive between £2,000 and £50,000 (€2,500-€62,000) in free, tax-free shares if they accept massive cuts to their rights: bringing a claim against their employer for unfair dismissal, no more protection or assistance in case of an economic dismissal (union negotiations when the decision is announced, redeployment in the company, training for another job), and the right to request flexible working and time off for training.
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