Tesco Rewards Staff With Record Payout From Share Scheme

Mon, 08 Feb 2010
 
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Tesco is to share a record £144.4 payout with thousands of members of its staff after two of the retailer’s employee share schemes matured.

More than 55,000 staff who took part in the company’s five-year and three-year Save As You Earn share schemes have made significant returns on their investments following strong growth in Tesco’s share price .

Over 9,000 workers who saved a total of £3,000 by putting away the maximum £50 a month over the past five years will be able to pocket over £6,000 – a 100 per cent tax-free return on their cash .

Staff who saved £50 of their monthly salary in a three-year scheme have seen a 44 per cent return on their investment.

Tesco retail director David Potts said: "Tesco's Save As You Earn scheme has really delivered for thousands of employees this year."

"With reports suggesting that 2010 could be another year of stretching personal budgets for many people, today's returns will be a very welcome boost to income and are well deserved for the continued dedication and hard work of our colleagues."

The number of Tesco employees who signed up to the supermarket giant’s Save As You Earn scheme across the UK and Republic of Ireland last year topped 77,000 – 8,000 more than the previous year.

Under the rules of the share scheme, each worker will be able to receive an instant pay out, or have the opportunity to retain their shares and sell them at a later date, when the schemes mature in 2013 and 2015.

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