More than 207,000 employees at Tesco are to share a record £98m in bonuses as reward for helping the retailer achieve record annual results.
All staff members, from till operators to store managers, who have worked at the supermarket for at least a year, will receive shares worth the equivalent of 3.6 per cent of their annual salary, up to a maximum of £3,000. Employees will be able to cash in on their tax-free shares in 2014.
The “Shares in Success” windfall marks an 8 per cent rise on the previous year and comes after Tesco reported annual profits of more than £3 billion last month – a new record for British retailers .
Tesco chairman David Reid commented: “As always, our success is down to the hard work and skill of the whole Tesco team.”
“They deliver for customers every day and have made Tesco a British success story at home and abroad, an achievement which we should all be proud of, given the current economic climate.
“I am delighted that once again all staff are sharing in this success.”
The record pot comes in addition to the £238m awarded to management and staff last year through incentive bonuses and share schemes, which included £21m of pay and bonuses for the Tesco executive board.
