Tesco staff are to share a £126m payout from the retailer’s Save As You Earn (SAYE) scheme.
More than 8,000 supermarket staff are set to get bonuses of up to £5,638 each after contributing £50 a month for the past five years – a total of £3,000 – into the company’s SAYE scheme. A further 44,000 employees, who have paid in between £5 and £49.99 a month in three and five-year SAYE schemes, will share the rest of the recession-busting £126m payout.
The Tesco scheme has outperformed returns from high-street savings accounts, now at their lowest rates since 1995.
David Potts, Tesco’s retail director, said: “Tesco’s Save As You Earn scheme has yet again proved it really delivers. Despite the fact that they have good jobs, our staff are not immune to rising household costs and financial worries. The returns on this investment are well deserved by our staff and I am delighted that they are being rewarded for the performance of the company and the investments they themselves have made.”
Tesco employees with a minimum of 12 months’ service can contribute between £5 and £50 of their salary into the SAYE scheme every four weeks for a period of three or five years. When the scheme matures, each employee receives a tax free cash bonus or can choose to reinvest the total amount to buy company shares.
Meanwhile, Personnel Today has revealed that all 125,000 staff at competitor retailer Asda will receive a lucrative bonus payout scheme this Friday (13 February) as the company moves to reward committed staff amid turbulent times.