The objective of the Key Employee Engagement Programme (KEEP) is to assist small to medium size businesses in competing with larger companies when attempting to attract and retain key employees. The scheme offers a financial reward linked to the success of the company, an incentive that a potential key member of staff would not get at a larger company. KEEP has been in operation since 2018.
I introduced changes to KEEP in Finance Act 2019 to allow companies who operate through a group structure to qualify for KEEP; to allow for part-time/flexible working hours and movement by qualifying employees within group structures; and, to allow for pre-existing shares to qualify for KEEP. Finance Act 2019 provides for commencement of the relevant provisions by Ministerial order.
As KEEP is a notified State Aid, the changes made in Finance Act 2019 are subject to the State Aid process. The timeline for resolution of the State Aid issues is dependent on the European Commission (DG COMP); this process is continuing. My Department is hopeful that matters will be resolved soon thus enabling me to make the relevant order.