Lloyds TSB workers rewarded with £252m payout from bonus and shares schemes

More than 62,000 Lloyds TSB staff are to benefit from a £252m payout at the bank as part of share schemes and cash awarded under bonus schemes.

The payout comprises:

• £40m worth of shares awarded to staff as part of the group’s annual free share scheme which rewards staff for their work during the past year.
• £11m in ‘matching shares’ awarded to staff investing in the group’s shareplan. Through the scheme employees can buy up to £125 per month from their gross salary. For every share purchased the company gives a free matching share up to the value of £30 per month.
• £36m in shares will be given to staff under the group’s 2004 annual free share scheme. These will be released from their compulsory holding period during April 2007.
• £165m awarded to staff under the group’s bonus schemes paid in recognition of the contribution they make to the company’s financial performance.

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Mike Fairey, Lloyds TSB deputy group chief executive and acting HR director, said: “Our reward package aims to give our staff the recognition they deserve for the huge contribution they make to the success of our business.

“Not only do our various schemes provide a great way for our staff to build up a nest egg, they also show our appreciation for all the hard work and commitment they give all year round.”