Federal Govt seeks to double employee share ownership

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Federal Govt seeks to double employee share ownership

The Federal Government aims to double employee share ownership (ESO) from 5.5% to 11% with the help of an education program it released last week.

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The Federal Government aims to double employee share ownership (ESO) from 5.5% to 11% with the help of an education program it released last week.

The Government wanted to reach its target by 2009, but a lack of knowledge about ESO benefits was a barrier to getting more employers and employees to participate, the Federal Minister for Workplace Relations Kevin Andrews said.

‘ESO schemes promote better relationships in the workplace and align the interests of employers and employees,’ Andrews said. ‘Employers have a more productive and committed workforce and employees benefit financially when their business does well.’

To increase participation in the scheme, the Federal Government has launched a project to test ESO plans and a CD ROM and video.

A consultant will develop and test template employee share plans which employers can customise to meet their own needs.

The templates will be tested on up to 10 different ‘case study’ businesses before they are released in mid-2004.

According to the Department of Employment and Workplace Relations, ‘The promotional CD ROM and video are designed for employers, human resource managers and ESO consultants, and can be used to educate staff or business managers about ESO.’

For more information on the education program go to the Australian Workplace website.

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