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New employee owner contract set to become law - employees get shares in exchange for employment rights


Last year the government announced plans that from April of this year, companies of any size, whether established companies or new start ups, would be able to offer a new kind of employment contract called an “employee-owner” contract. Those employed under this sort of contract would exchange some of their UK employment rights in return for shares in their employing company.

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Canary Wharf headquartered bank, HSBC announces redundancies


HSBC has recently announced further redundancies with around 3,400 employees being affected. The Bank however has said that it will be creating in the region of 2,000 new roles and it was expected that the majority of these roles will be filled by displaced employees which will leave around 1,400 jobs to go. It is anticipated that around half of the reduction is likely to come through redundancies while the remainder is expected to result from natural wastage and a recruitment freeze over the next six months.

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