More than 8,000 supermarket workers are among the Sainsbury’s staff set to share in a £23m payout after participating in its employee share ownership scheme.
Checkout assistants, store staff and other workers can expect an average payout of £2,875 each after the scheme matured today.
The programme enables staff to convert their savings into Sainsbury’s shares at either £2.41 or £3.02 a share respectively (the price at the start of the three or five year scheme).
IfsProshare, a not-for-profit organisation that is concerned with the issues of employee share ownership and financial education in the workplace, welcomed the payout.
Fiona Downes, head of employee share ownership at IfsProShare, said the Sainsbury scheme was a good example of the benefits of SAYE (save as you earn) schemes.
“Since SAYE schemes were introduced by the government in 1980, hundreds of thousands of employees across the UK have benefited from employers who have put such schemes into operation. The Sainsbury’s payout announced today is yet another example of their success.
“Giving employees a stake in their employer helps boost company performance and is an effective savings mechanism for staff.”