How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Jenny Your Own Question

Jenny
Jenny, Solicitor
Category: Law
Satisfied Customers: 6305
Experience:  Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
32019188
Type Your Law Question Here...
Jenny is online now

I am currently on long term sick having suffered from a serious

Customer Question

I am currently on long term sick having suffered from a serious injury from an accident. I get 2/3 salary from the insurance policy of the company I work for. It's a Canadian company that has bought a British company and is now trading in the UK. My question is of I buy shares in the company (it's listed on the Canadian Stock Exchange) does that forgo some of my rights such as redundancy packages i.e would it be easier for the company to get rid of me. I remember a debate in Parliament stating that it would encourage share partnership but that would then decrease employment rights - I'm not sure that this has become legislation. Thanks.
Submitted: 3 years ago.
Category: Law
Expert:  Jenny replied 3 years ago.

taratill :

Hello my name is Jenny and I am happy to help you today, are you based in the UK ?

JACUSTOMER-vdmdyy0f- :

yes

taratill :

From 1 September 2013, it is possible to become an employee shareholder. Simply buying shares does not give you this status and mean that you lose employment rights.

taratill :

In order to become an employee shareholder you must be given at least £2000 worth of shares in the business, there is guidance on the status on the following website. https://www.gov.uk/employee-shareholders

JACUSTOMER-vdmdyy0f- :

the company i work for is 70000 people world wide

JACUSTOMER-vdmdyy0f- :

it is the employee shareholder scheme...

taratill :

The number of employees makes no difference, you cannot be forced to take the shares in exchange for the status if you are a current employee.

JACUSTOMER-vdmdyy0f- :

you just pay in each month how much you can afford

taratill :

I am sorry I have no idea why my last sentence did not come through properly to you.

Expert:  Jenny replied 3 years ago.
Just to be clear has your employer told you you will lose rights if you buy the shares?
Customer: replied 3 years ago.

No-one has said anything. I was reading a while back that the government wanted to make it easier for companies to 'get rid' of people and that a share scheme was giving a big benefit to an employee so the employers should also have increased rights - redudancy is one of them, especially for someone who is off on long term sick. I want to buy shares in the company but of course don't want to lose or diminish my current rights.

Expert:  Jenny replied 3 years ago.
Ok buy simply buying shares you will not lose rights so you don't need to worry.

The 'status' is in place but only applies if you are given at least £2000 worth of shares in exchange for your rights.

As this has not happened and you are simply exercising your right to buy shares you will not lose any rights.

If you have any further questions please do ask. If I have answered your question I would be grateful if you would take the time to rate my answer. Thank you and all the best.
Customer: replied 3 years ago.

If you don't mind, I will research the exact policy the company offers and then come back to you. I would also like to ask if all the details we are detailing are confidential and not posted on the internet? I would prefer it that way. Thanks. Be in touch soon.

Expert:  Jenny replied 3 years ago.
yes no problem, this is a public internet site so it is not confidential,you are not identifiable though from this question though as your name and your company name has not been used.

Many companies do offer the right to buy shares, which is quite separate from this employee share status scheme. If you have not been consulted with that your status would change and have not been given at least £2000 of shares your status will not have changed.

I'll wait to hear from you.

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice