Navigating Loans for Small Businesses
24 July 2024
On Thursday 10th October 2024, the Government finally announced its long-awaited Employment Rights Bill (ERB), described by Labour as “the biggest upgrade to workers’ rights in a generation”.
After weeks of speculation, businesses have been left wondering how these changes will affect them and what steps they need to take. Let’s break it down.
Key Takeaways from the Employment Rights Bill Announcement
Day-One Employment Rights: A proposal to remove the existing 2-year qualifying period to ensure all workers have rights immediately, however they have promised to consult on a statutory probation period which could be up to 9 months.
Zero-Hour Contracts: The bill will look to end “exploitative” zero-hour contracts and introduce the right to guaranteed hours in certain circumstances.
Flexible Working: Flexible working will also become a default option unless the employer can prove it is unreasonable. Additionally, there will be proposals for establishing a new right for bereavement leave, and protection from dismissal for expectant or new mothers.
New Fair Work Agency: A new ‘Fair Work Agency’ will be established to protect workers and ensure employment rights are upheld. We are still waiting for detail however the announcement confirms that the current enforcement bodies—National Minimum Wage, GLAA, and Employment Agency Standard, will be brought together to create a super regulator.
Countdown to the Autumn Budget
We’re soon to see even more changes at the government’s Autumn budget on Wednesday 30th October, including changes to Pensions, Capital Gains Tax (CGT), Business Asset Disposal Relief (BADR) and Inheritance Tax. Be sure to check back on our website for more blogs and follow us on socials for key updates.