Tesco staff celebrate as savings schemes mature

More
than 45,000 Tesco staff across the UK are today celebrating a £110m pay-out as
two Save As You Earn (SAYE) share schemes mature.

Checkout
assistants, delivery drivers and managers are among those receiving share
windfalls, with top investors netting nearly £30,000.

Record
numbers of staff – more than 67 per cent – have chosen to reinvest their
shares.

Under
the SAYE scheme Tesco staff can set aside a fixed sum of their salary each
month for a three- or five-year period. When the scheme matures, they have the
option to buy Tesco shares at a price set when they joined the scheme.

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The
most recent three- and five-year schemes to be offered to Tesco staff in
October 2003 attracted more than 40,800 and 23,600 applications respectively.

By Quentin Reade