Legal Reconstruction of Employee Shareholder Protection through ESOP Program from Termination of Employment
Abstract
Article 43 paragraph (3) of Law Number 40 of 2007 concerning Limited Liability Companies allows employees to become shareholders through the Employee Stock Option Program (ESOP). In practice, ESOP is implemented through a stock option agreement that regulates the rights and obligations of employees. However, the position of employees as shareholders remains subject to human resource management policies, including termination of employment (PHK). This study aims to analyze the form of legal protection for ESOP employee-shareholders in the event of termination, identify regulatory weaknesses, and propose efforts to reconstruct legal protection. The research employs a normative juridical method using secondary data through library research, with a statutory approach and a conceptual approach. The findings show that the provisions of Government Regulation Number 35 of 2021 concerning Fixed-Term Employment Agreements, Outsourcing, Working Hours and Rest Periods, and Termination of Employment have not yet provided maximum legal protection for ESOP employees. Its implementation remains limited to employee status, grounds for termination, and normative rights as stipulated in legislation. Therefore, the reconstruction of Article 40 paragraph (4) letter (c) of Government Regulation No. 35 of 2021 is necessary as an effort to ensure legal certainty and provide more comprehensive protection for ESOP employee-shareholders in cases of termination.
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DOI: https://doi.org/10.15408/jch.v13i1.50368
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