More than 20,000 Tesco employees are to share £30 million following the performance of its sharesave schemes.
The staff are mainly those working in stores and distribution centres. As the schemes have now matured, they will share in a profit created by the growth of Tesco’s share price, which reached £3.06 earlier this week.
Employees who are part of the schemes can buy shares at a discounted price of £1.88 or £1.98 each and either keep them or sell and make a profit.
A member of staff who invested an average of £68 a month over the last five years will make around £6,640 from their £4,080 investment, a profit of £2,560. Meanwhile, those who invested the maximum £500 a month stand to make a profit of almost £10,000 from the three-year scheme and nearly £20,000 from the five-year scheme.
Tesco operates several sharesave schemes, with different ones maturing each year and 52,000 employees taking part. A total of £63.5 million has been invested in the schemes since 2019.
Emma Taylor, chief people officer at Tesco, said: “It’s great news that more than 20,000 employees will benefit this year from our share schemes. This is just one of the many benefits available to our employees, and the strong performance of the schemes this year is a reflection of their hard work and the brilliant job that they do serving our customers every day.
“Employees tell us they like this way of saving every month, and when Tesco performs well, they share in a multi-million pound payout or can keep shares bought at a discounted rate. This year, the schemes’ success is rewarding our employees with thousands of pounds in profit, helping to boost their savings for everything from holidays to house renovations.”
