Nearly 50,000 Tesco staff across the UK are celebrating a multi-million-pound payout as two of the company’s Save As You Earn share schemes mature, it was announced today.
More than 6,000 top savers at Tesco, including checkout assistants, delivery drivers and managers, stand to net more than £7,000 – a 120% return on investment.
Under the scheme, staff can set aside a fixed sum, between £5 and £50, from their salary every month for a three- or five-year period. When the scheme matures they have the option to buy Tesco shares at a price set when they joined the scheme.
Employees who joined the scheme five years ago can buy shares at the 2001 option price of £1.98 each. Those who joined the scheme three years ago can buy shares at the 2003 price of £1.95.
Tesco chief executive Sir Terry Leahy said: “Our staff are the main reason so many people choose to shop with Tesco and through Save As You Earn, they can share in the success that they achieve through all their hard work.”