Staff
at Halifax bank are set to receive share options worth 20 per cent of their
annual salaries.
The
bank last week bought out ailing
pensions company Equitable Life and will put the options scheme to its annual
general meeting in May. Shares will go to all staff below executive level.
Halifax,
which changed from a building society to a bank four years ago, employs more
than 30,000 staff in the UK alone. Employees will be able to sell the shares
tax-free after three years
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Share
options expert Tim Craddock, head of employment law and recruitment at Air
Miles, said, “The Halifax scheme would mean all members of the company would
have a stake in its success and thus could perform better.”
Benefits
expert at Bacon and Woodrow, Rob Cooper, said, “Because these schemes tend to
last for five years they can help keep staff in the company.”
