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Latest News

Tesco shares out the profits

by Personnel Today 15 Jun 2004
by Personnel Today 15 Jun 2004

Retail
giant Tesco is giving more than 160,000 of its workers company shares worth
£63m.

The
shares, valued at 3.6 per cent of the Tesco salary bill, are to be kept in a
trust and will be available tax-free to staff after five years.

Tesco
chief executive Sir Terry Leahy said the giveaway was a “thank you” gift for
employees.

“Our
staff do a great job for our customers,” said Leahy. “Giving our people the
chance to be shareholders is our way of ensuring they share in the success of
the business.”

The
giveaway is in addition to £34m of shares handed out to workers in the 2001
profit share scheme which matured in May this year.

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Tesco
is the UK’s largest private sector employer with more than 237,000 employees.
All staff with one year’s service are eligible for the share scheme.

By
Paul Yandall

Tesco
Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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