Over 20,000 Tesco staff to split £30m from share schemes

More than 20,000 Tesco workers are set to split £30m generated from the supermarket’s share schemes.

The company said an employee who invested the average £68 a month over the past five years would be in line to get around £6,640 from their £4,080 investment – a profit of £2,560.

It added the payouts from its “save as you earn” schemes were due to its “strong performance”.

The majority of employees who will receive a share of the windfall work on the shop floor or in disruption centres, the supermarket said.

Strong growth in Tesco share price has contributed to the £30m windfall for employees.

The schemes offer staff at Tesco, which employs more than 300,000 people in the UK, the chance to buy discounted shares in the company.

Earlier this week, Tesco shares were priced at £3.06 but employees can buy them for around £1.88.

The maximum an employee can invest is £500 a month.

Those who did this stand to make £10,000 from the three-year scheme and £20,000 from the five-year scheme, if they opt to sell, Tesco said.

A total of 52,000 Tesco staff take part in the save as you earn (SAYE) scheme, making it one of the largest in the UK, according to the firm.

The programme involves different investment options, which mature each year.

When share schemes reach maturity, employees can take out money that they have saved with a bonus on top or they can buy shares at the amount that was first quoted at the start of the scheme.

Emma Taylor, Tesco chief people officer, said the strong performance of the scheme reflected the hard work of employees.

“Colleagues 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,” she added.

“This year the schemes’ success is rewarding our colleagues with thousands of pounds in profit, helping to boost their savings for everything from holidays to house renovations.”