1. Employee’s Rights
Employees’ rights and obligations are subrogated to the new shareholder and maintained intact. This includes special benefits and retirement compensation that employees may be entitled to.
2. Requirements for Take Over Part
The Workers Statute requires formal notice to employees in the event of transfer of undertakings, including date or proposed date of the transfer, reasons for the transfer, legal, economic and social implications for the employees and any measures envisaged in relation to the employees.