Tesco Workers Set For GBP174 Million Payout

Wed, 06 Feb 2008

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Thousands of Tesco employees across the UK are set to share a record breaking £175 million payout from the supermarket giant’s Save As You Earn scheme .

The scheme, which matured last week, enables Tesco staff to purchase shares at a discount rate compared to the market price, with 51,000 workers expected to pay into the scheme .

The 8,000 top savers, including checkout assistants, delivery drivers and head office employees, will receive a payout of over £8,500, which (according to the company) equals a 160 per cent return.

Tesco chief executive Sir Terry Leahy said: "Save As You Earn schemes are becoming a more popular way to save ."

"One in three staff now save with one of our share schemes and I'm delighted that so many choose to invest and enjoy the rewards of their hard work ."

The saving scheme matured last Friday with Tesco shares at £4.16.

Full details of the payouts were unveiled last night in a speech by Sir Leahy, at the University of Lancaster.

The Tesco chief also revealed that the supermarket chain has cut prices across its stores by almost 30 per cent and created 260,000 jobs over the past decade – a new job every 20 minutes.

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