An employee savings and stock ownership plan agreement is one that is entered into by the employees of an organization with the management of the organization they are working for. In this plan some amount of the earnings of the employees is held back by the management in the form of savings and invested in the common stock of the organization. The organization ensures that the employee is motivated to work for the company on account of obtaini9ng ownership of the stock of the company at concessional rates.
The agreement should clearly state all the terms and conditions such as general eligibility criteria for employees under this plan, income levels for employees, designation of employees, eligibility for service duration in years, deduction percentage of salary towards savings plan, percentage of saving invested in stocks, employer’s contribution if any, return of salary deductions and conditions thereof, reversal of savings investment on termination of employment, minimum lock-in period for stock investments etc.
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