More than 100,000 Tesco staff will benefit from the
company’s biggest ever profit share of £44m.
A total of 112,500 employees will benefit from the payout
which exceeds last year’s figure of £41m.
Under this year’s profit share scheme every employee with
two years’ service at 1 March 2001 will be given 3.6 per cent of their annual
salary in shares.
The shares, worth 250p each when allocated, will be kept in
trust for three years to avoid income tax.
When the shares are released in 2004, staff can either
choose to keep them or cash them in, benefiting from any share price growth.
It is the third time this year Tesco staff have received
shares.
In February 33,000 staff received shares worth £123 million when
two of its Save As You Earn schemes matured and in May staff shared £38m from
the 1998 profit share allocation.
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Tesco is the largest grocery retailer in the UK employing
over 240,000 people worldwide.
