Asda Staff To Share GBP43m Payout

Fri, 05 Jun 2009
 
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Over 16,000 Asda employees are set to share a £43 million windfall thanks to the company's Sharesave plan.

According to the supermarket giant, this years' plan will be the largest ever payout since the company was acquired by US retailer Wal-Mart in 1999, with investors receiving a 150 per cent return on their monthly investments .

Shareholders who have saved a maximum of £250 a month for the past three years will earn around £13,800, a return of more than £4,500 on their original investment .

The Wal-Mart share price stood at £30.76 on Monday, up 50 per cent from the 2006 price of £20.80, meaning that the average shareholder will receive a payout of £2,737.

Asda said staff members plan to spend their savings on a variety of things, from home improvements and overseas trips to visit friends and family to cosmetic surgery and second-hand tractors.

Asda’s People Director Caroline Massingham said: "Over 200,000 colleagues have already benefited from Asda Sharesave but this year marks our biggest ever payout since we were taken over by Wal-Mart in 1999."

"Our colleagues drive the success of this business and Sharesave ensures they also reap the rewards."

"With a 50 per cent increase on the money they invested, it's great to see that over 16,500 of our colleagues rewarded with such a big windfall."

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

Staff can save between £5 and £250 every month and at the end of the saving period they gain a tax-free bonus which, along with their savings, can be used to buy discounted Wal-Mart shares.

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