Tesco staff receive record £110 million shares payout
28 May 2011
Tesco has announced its biggest ever “Shares in Success” payout with over 225,000 staff across the UK receiving a share of a £110m-plus bonus pot.
Tesco has announced its biggest ever “Shares in Success” payout with over 225,000 staff across the UK receiving a share of a £110m-plus bonus pot.
The shares bonanza is a big thank you for the commitment and hard work of staff, from customer assistants to drivers and managers, who helped the country’s favourite supermarket report profits of £3.8 billion for the last year.
Additionally, 71,000 staff who have held shares in the scheme since 2006 also today became eligible to sell the £40m worth of shares they were awarded 5 years ago tax free.
Tesco’s UK CEO, Richard Brasher, praised the efforts of staff across the country. He said:
“Despite what continues to be a really challenging economic climate, we have had yet another successful year. This is very much down to the hard work, commitment and skill of the entire Tesco team. Our Shares in Success scheme is delivering yet another record payout for our staff and goes some way to thank them for their contribution. It is our staff that make the real difference in ensuring Tesco's continued success by doing what they do best, delivering for customers. I am delighted that once again so many staff are sharing in this success.”
ENDS
Note for Editors:
To be eligible for Shares In Success staff must have been employed by Tesco for at least 1 year as at 26th February 2011. All eligible staff members who registered for the free shares will receive the equivalent of 3.6% of their salary (as of 26th February 2011), up to a maximum of £3,000. Shares are held in trust for 5 years and are then available to sell tax free.
For further information please call the press office on: 01992 644 645 begin_of_the_skype_highlighting 01992 644 645 end_of_the_skype_highlighting
Tesco Corporate & Legal Affairs, New Tesco House, Delamare Road, Cheshunt, Herts, EN8 9SL
Telephone: 01992 644645 begin_of_the_skype_highlighting 01992 644645 end_of_the_skype_highlighting Fax: 01992 644525 http://www.tesco.com/corporate