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
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.”