To what extent do employees receive statutory employment protection in your jurisdiction? Are these provisions of mandatory law that apply to all employees, regardless of the choice of law in the employment contact and the identity, place of incorporation or location of the employing entity?

The standards which apply to employment relationships and the terms and conditions under which an employee serves are laid down within a framework of rules created by the Constitution, laws, collective agreements, internal regulations and custom.

Greece, embraced by the Mediterranean Sea, lies in the extreme southeast of Europe and has an area of 132.000 square kilometers (51.000 square miles), of which approximately 20% is made up of islands. The country borders with Albania, Bulgaria and Skopje (FYROM) to the north, Turkey to the east and is embraced by the Aegean Sea, the Mediterranean Sea (Libyan Sea) and the Ionian Sea.

Employee share schemes are not common in Greece. Some relevant legislation was introduced approximately 10 years ago but this deals primarily with employee participation in the profits of their employing company rather than with share-based incentive schemes.

The concept of employee share participation schemes was first introduces into Greek legislation some ten years ago and practice of operating such schemes is not widespread. In the current legal context, many issues concerning the grant of shares from Greek subsidiary companies of foreign parent companies based abroad to their Greek employees through a Stock Option plan is regulated. However, taking into consideration that Greek company and tax legislation governing this institution are at fairly early stage, a number of practical issues cannot be addressed in this legal analysis in a firm and authoritative manner.