The Bill aims to modernise existing employee share ownership schemes by reducing the holding period for SIP from five years to three, allowing preferential access for lower-income workers, and requiring companies to include declarations in annual reports about their use of such plans. It has broad support across different political parties due to its alignment with property-owning democracy and co-operation principles. The decline in the number of firms granting new SAYE options from 340 in 2007 to 260 in 2021 highlights the need for updates, as employment practices have changed significantly since these schemes were introduced.