20,000 workers at Tesco, the UK’s largest private sector employer, will share in a windfall profit of more than £30m from colleague share schemes.
The windfall has resulted from Tesco’s strong share price, which was £3.06 in the week commencing 1 July 2024.
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Colleagues who joined the schemes can buy shares at a discounted price of just £1.88 or £1.98 each and either keep them for the longer term or sell them and make a profit on each share.
Those who invested the maximum £500 per month into the share savings schemes reportedly stand to make a personal profit of almost £10,000 from the three-year scheme and £20,000 from the five-year scheme, if they opt to sell the shares.
A total of 52,000 colleagues take part in a Tesco SAYE (Save as You Earn) scheme, which is one of the largest in the UK.
Tesco workers have invested £63.5m in the schemes since 2019, with different schemes maturing each year.
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By GlobalDataTesco chief people officer Emma Taylor commented: “The strong performance of the schemes this year is a reflection of our colleagues’ hard work and the brilliant job that they do serving our customers every day.”
The company reported a growth in retail sales of 3.4% in the first quarter of the financial year 2024/2025.
The retailer was recently criticised for doubling the pay package of its CEO Ken Murphy to nearly £10m in the previous financial year.
