Tesco staff bonuses top £98m in shares as retailer reports record £3bn profit

More than 207,000 Tesco staff will share £98m in bonuses after the supermarket giant’s annual results showed profits had soared during the recession.

Employees with at least a year’s service by the end of February will each receive record shares worth the equivalent of 3.6% of their annual salary, to a maximum of £3,000. Staff will be able to cash in on the shares in 2014.

Tesco reported annual profits had broken the £3bn barrier for the first time earlier this month.

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The shares incentive comes after the retailer announced in February that eligible Tesco staff are to share a £126m payout from the retailer’s Save As You Earn (SAYE) scheme.

Other retailers have also announced record shares incentives schemes to reward employees during the recession. DIY retailer B&Q announced in April that 300 store managers could cash in on £25,000 worth of shares in just three years’ time if they maintained high standards of work.