FirstGroup staff look forward to a share of £4m ‘save as you earn’ bonus

Bus and rail operator FirstGroup has announced more than 1,500 of its staff are set to share £4m through gains made in the company’s save as you earn (SAYE) scheme.

Chief executive Moir Lockhead said: “We’re delighted that, as part of their total reward, so many of our people have benefited from SAYE this year, and that they are able to enjoy a very real share in the success of FirstGroup.”

Since 2002, FirstGroup has offered staff annual opportunities to join its SAYE schemes. Members save for a fixed term and can then use their savings, plus a tax-free bonus, to buy shares based on the market price at the beginning of the savings period, discounted by 20%.

The company also offers a ‘buy as you earn’ share incentive plan, which gives colleagues the opportunity to buy company shares from their gross pay.

At present, more than 12,000 FirstGroup workers, most of whom work as bus and train drivers, engineers or on-board staff, are members of the company’s share schemes.

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