Tesco staff share in £144 million payout from sharesave scheme

Over 55,000 Tesco staff who saved between £5 and £50 a month for the past five and three years, are sharing a £144.4 million payout with returns of 100% and 44% for each scheme respectively.

Over 9,000 top savers, who have contributed the maximum £50 every month for the past five years, a total of £3,000 each, will receive more than £6,000.

The strong return reflects the fact that, even in difficult market conditions, Tesco’s share price has remained resilient closing at £4.22 on 1 February when the two schemes matured.†

In 2009 staff take up for the Tesco sharesave (also know as a save as you earn, or SAYE) scheme across the UK and Republic of Ireland reached over 77,000 – 8,000 more than the previous year - all of whom will receive a pay out, or have the opportunity to retain their shares, when the schemes mature in 2013 and 2015.

David Potts, retail director for Tesco commented; “Tesco’s save as you earn scheme has really delivered for thousands of employees this year.†

“With reports suggesting that 2010 could be another year of stretching personal budgets for many people, today’s returns will be a very welcome boost to income and are well deserved for the continued dedication and hard work of our colleagues.”