Socialist Party
| Print

4 September 2013

Don't fall for the shares-for-rights scam

Ronnie Job

The Con-Dems' shares-for-rights scheme came into effect on 1 September. The TUC is warning that as well as taking away basic employment rights, the scheme could cost taxpayers 1 billion.

The government would like us to sign away rights to unfair dismissal, redundancy and flexible working, in exchange for shares.

Any workers tempted by such a scheme should take a look at the fate of the first ever Employee Share Ownership Plan to be set up in the UK, in Roadchef.

A union member at work tipped me off about this scandal, which otherwise I probably wouldn't have noticed as it's been hidden away in the financial pages.

It concerns Tim Ingram Hill, one of Britain's wealthiest men and somebody who has regularly featured on the rich list.

Employees of Roadchef, who had been promised ownership of the company by former owner, Patrick Gee, have been involved in a court case that has now dragged on for a few years.

When Gee died it was left to Ingram Hill to carry through the transfer of ownership to the company's staff.

Workers at Roadchef are claiming that Ingram Hill fraudulently transferred over shares that were held in trust for them, to himself, before selling the company for 139 million.

Workers who might have expected to pocket around 90,000 each, instead received around 2,300.

Company share schemes are far from the means of securing our futures that the government would have us believe.

With jobs, pay and terms and conditions all under constant attack as cuts rain down, it would be a huge mistake to give up any employment protection.

For as long as we have to work for the likes of Ingram Hill, our best day-to-day protection comes from building fighting trade unions to win and ensure permanent jobs, a living wage, decent pension packages, holiday entitlements and elected trade union representation.




http://www.socialistparty.org.uk/articles/17356




Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

triangle20 Jun Save our NHS

triangle20 Jun Rolls Royce: fight all job cuts!

triangle20 Jun Desperate divisions in Tories - Corbyn and unions must act

triangle20 Jun 1000 issues of the Socialist: A vital weapon standing in proud...

triangle13 Jun No to Trump and Tory racism

triangle13 Jun Civil service pay strike ballot: vote yes!

triangle13 Jun How can we fight for trade unions that fight for women?

More ...

WHAT'S ON

triangle23 Jun Tower Hamlets Socialist Party: Karl Marx walk

triangle26 Jun Manchester Socialist Party: Who are the 'alt-right' and how do we stop them?

triangle27 Jun Harrogate NSSN: Fight austerity in Harrogate

triangle27 Jun Salford Socialist Party: The abortion rights victory in Ireland

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0784 114 4890

North West 07769 611 320

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551

ABOUT US

What we Stand For

About the Socialist Party

Our 2015 election manifesto

Joining the Socialist Party - what will it mean for you

ARCHIVE

Alphabetical listing


June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999