Supermarket giant Tesco is awarding almost £92 million in free shares to its staff.
The reward forms part of Tesco’s ‘Shares in Success’ scheme. Since the scheme began in 2003, Tesco has awarded more the £440 million in free shares to staff.
Almost 193,000 staff will benefit from shares that equate to 3.6% of earnings, which means staff get £36 worth of shares for every £1,000 they earn, just for working at Tesco. Staff who have been with Tesco for more than one year, and are registered for the scheme, are eligible for free shares every successive year that they are with the company.
Hayley Tatum, UK operations personnel director at Tesco, said: “Our staff do a great job for our customers and ‘Shares in Success’ is our way of saying thank you to our staff for their continued hard work and commitment to the business. This is just one part of the pay and benefits package that makes Tesco a great place to work for our employees.”
Tesco employs more than 270,000 people in the UK and is the UK’s biggest private sector employer.
Meanwhile, another supermarket chain has also announced a payout. Almost 20,000 ASDA employees will share in a £37.5 million payout as a result of its ‘Save-As-You-Earn’ employee share plan.
ASDA’s president and CEO Andy Bond said: “Since 1994, over 200,000 colleagues have benefited from ‘ASDA Sharesave’. It’s our colleagues that drive the success of our business and Sharesave ensures they also reap the rewards.”
