SSL International replaces expired sharesave plan

SSL International is launching a new sharesave plan for its 900 UK staff to replace the current five-year plan that expires at the end of this month.

Employees taking part in the new scheme, My Sharesave, to be launched in May, will be able to save between £5 and £250 a month for three or five years. Alternatively, staff will be able to split monthly payments between both plans. They will be offered a 20% discount on the share option price through the scheme.

Rebecca Heryett, UK benefits manager at the consumer brands firm, said the scheme would boost staff morale and engagement, helping the firm to maintain its steady progress in the current economic climate. “With the economy at the minute, interest rates are so low it is difficult to find a good deal out there,” she said. “If something was to happen in the future, at least employees would have the fall-back of a savings plan. We have been through turbulent times and I think our staff are quite confident in the company, so hopefully they will see this as a good thing.”

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SSL International has a diverse workforce including factory workers, on-road sales staff and office-based employees, so it will place a great deal of emphasis on communicating the plan. Staff who took part in the previous scheme will also be used as advocates of sharesave, posters will be put up on site, briefings will be given by the HR team and presentations given about the plan, which is provided by Yorkshire Building Society.

Read more articles on share schemes.