Asda Staff To Share GBP37.5m Bonus

Thu, 05 Jun 2008
 
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Asda employees are set to share a £37.5 million payout thanks to the supermarket’s sharesave plan .

The Wal-Mart owned retailer announced that over 17,000 colleagues will benefit from the payout, including check-out staff and delivery drivers.

Despite growing uncertainty across global financial markets, Asda said shares in Wal-Mart are widely regarded as some of the most stable performers and that its colleagues are reaping the benefits .

The Sharesave plan, created in 1982, was designed to give Asda employees a stake in the company and the chance to share in the future success of the business .

It allows colleagues to save between £5 and £250 per month for a set period. At the end of the saving period, colleagues receive a tax-free bonus which can be used to buy discounted Wal-Mart shares .

The current stock price means that workers who saved the maximum £250 per month for the past three years will receive around £12,700, an increase of £3,700 on their original £9,000 investment .

Thousands of Asda staff across the UK have chosen to cash in their shares, with bonuses being spent on anything from exotic holidays to shopping sprees, horses to extravagant wedding anniversaries and even shark dives.

Asda President and CEO, Andy Bond, said more than 200,000 workers had benefited from the supermarket’s sharesave scheme since 1994. "It’s our colleagues that drive the success of our business and sharesave ensures they also reap the rewards," he added.

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