Sainsbury’s sharesave scheme pays out GBP23m

Sainsbury’s sharesave scheme paid out more than £23m when it matured today.

A total of 8,190 employees that include checkout assistants, store staff and other J Sainsbury staff will receive an average payment of £2,853 each.

Employees taking part in the scheme had the opportunity to convert their savings into Sainsbury’s shares at either 241p for the three-year option, or 302p for the five year option, values which were based on the price at the start of the respective schemes. Both options matured today and the pay-outs are based on yesterday’s share price of just over 511p.

Fiona Downes, head of employee share ownership at ifsProShare, said: "The Sainsbury’s pay-out announced today is yet another example of their [sharesave] success. Giving employees a stake in their employer helps boost company performance and is an effective savings mechanism for staff. Ensuring as many employees as possible take part in their employer’s scheme is crucial and Sainsbury’s has done a very impressive job of increasing participation over the past 12 months."