Shares-for-rights details unveiled

Updated: 
George OsborneMore details have been revealed of the Government's controversial plan for workers to give up employment rights in return for shares in their company.

Under the move, first announced by Chancellor George Osborne at the Conservative Party conference, staff would be given shares worth between £2,000 and £50,000 but will waive their right to unfair dismissal rights, redundancy pay and requesting training and flexible working


They would also have to give more notice of any intention to return early from maternity or adoption leave.

Business Minister Jo Swinson said: "We know that engaged employees are more productive and motivated. This scheme increases the options for business and brings greater flexibility to companies and employees in determining their employment relationship.

"By responding to the flexible needs of fast-growing companies, it will help them take people on, providing a real incentive for employers and employees."

The Government launched a consultation on the proposals which will run until November 8.

Unite general secretary Len McCluskey said: "The plan to allow workers to sell their rights is plain stupid. It will actually create more red tape for employers rather than reduce it and will do nothing to boost the economy.

"Britain needs a substantial plan to boost the economy, but instead we get policy made on the hoof and madcap schemes which won't work."