Savings windfall for loyal staff

More
than 37,000 Tesco staff have shared in a £116 million windfall through two of
the company’s save-as-you-earn (SAYE) schemes.

Tesco
staff – from checkout assistants to managers – have been saving between £5 and
£250 a month for either three or five years.

Top
saving staff will net £49,000 each, a 183 per cent return on their five year
investment.

Employees
who put away £10 a month for five years will see a return of £1,953 on their
investment of £690.

Tesco
has been running SAYE schemes for 21 years. The most recent three and five-year
schemes offered in October 2001 attracted over 63,000 applicants – more than
one in four of Tesco’s 180,000 UK-based staff.

“It
is great that staff are able to share in the company success. It is a great
win-win situation for staff and Tesco. We are trying to give staff every opportunity
to share in our success," said Clare Chapman group HR director at Tesco.

“It
shows that we value our staff as individuals and recognise that they are
diverse, and we are offering them choices. This success of course makes a
difference when it comes to recruitment, retention and morale.”

By Paul Nelson   

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