(qlmbusinessnews.com Thurs. 4th July, 2024) London, UK —

Over 20,000 Tesco Workers to Benefit from Lucrative Share Schemes

Over 20,000 Tesco employees are set to share a £30 million windfall generated from the supermarket's share schemes. According to the company, an employee who invested an average of £68 per month over the past five years will receive approximately £6,640 from their £4,080 investment, yielding a profit of £2,560.

This significant payout from Tesco's “save as you earn” schemes is attributed to the company's robust performance. The majority of the beneficiaries are shop floor and distribution centre staff.

This announcement follows criticism of Tesco's chief executive, Ken Murphy, for his £10 million pay package last year. The surge in Tesco’s share price has significantly contributed to this £30 million payout for its employees.

Tesco Supermarket

The share schemes allow Tesco workers to purchase discounted shares in the company. Earlier this week, Tesco shares were valued at £3.06, but employees can buy them for around £1.88. Employees can invest up to £500 per month in these schemes.

Those who maximised their investment stand to earn £10,000 from the three-year scheme and £20,000 from the five-year scheme if they choose to sell their shares, Tesco confirmed.

Emma Taylor, Tesco's Chief People Officer, remarked that the scheme's success is a testament to the hard work of its employees. “Colleagues appreciate this method of saving monthly, and when Tesco performs well, they benefit from a multi-million pound payout or can retain shares bought at a discounted rate,” she said. “This year, the scheme's success is providing our colleagues with thousands of pounds in profit, aiding their savings for holidays, home renovations, and more.”

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