The new ‘employee shareholders’ law has been enacted by the House of Lords and it becomes come into effect immediately. This law has been introduced more or less useful for all practical purposes. House of Lords has also accorded approval for the governing of this law with its clause 27 meant for the Growth and Infrastructure Bill. This law has meaningful amendments, which will assist the employees to perform their responsibilities before using the new employment status. The bill was presented in both houses and meaningful discussion was held there, then both houses granted approval of the bill to provide security to the employee shareholders and this law is governed with immediate effect.
According to the new introducing employment contract, the employers will provide the cooling off period to the employees and from the date of offer, the employment contract will be no effect after passing of seven days. The employers will also provide two written statements and the statement having particulars which are necessary for the Employment Rights Act and the employer will provide the statement of particular within two months after start of the employment. He will also provide the statement quoting the status of the shareholder with detailed particulars to attach with the shares of the employees.
The employers will have to pay the expenses incurred on the obtaining of the advice from the court, which the members House of Lords advised to be taken in thousands as it will facilitate to the employees. The amount of the expenses can also be met by the employees as the individual becomes the shareholder employee or not but he will have to pay this amount. This legal bill has already been discussed in both houses thoroughly and its every nook and corner has been taken into account while thinking over it. After detailed discussion, this bill got approval in both houses and now comes into effect and enacted as a law. The enactment of this law will give satisfaction and confidence to both the employees and employers and they will perform their respective duties in peaceful manner.
In the Employment Rights Act, a clause will be introduced in the new section, section 205 A. This section will provide atmosphere to the employees to work under restrictive terms and the proposal to this effect has attracted sufficient debate for this section meant for the working condition of the employees. With the provision of these new terms, if any employee considers a position then there will be one thing assured that their employers will take a chance by presenting these terms and they should also be well aware of the legal fee for the consideration of new job offered to them. The employers will not wait for any legal advice and he will also not allow the cooling off period to any potential employee. This legal process of the enactment of new law for the employee shareholders will protect their legal rights as well as provide them atmosphere to carry on their business without any hesitation and hassle.