Some 19,000 Asda employees will pocket record pay-outs averaging £3,240 under parent company Wal-Mart’s Sharesave programme, the supermarket chain has said.
The scheme allows staff to set aside between £50 and £250 of their salary every month over three years, in return for a share bonus.
The pay-outs received by staff this year vary from £3,000 to more than £15,500, depending on how much staff set aside.
The pay-outs have been plumped up by Wal-Mart’s increasing share price and are worth about 170 per cent of the amount saved.
The share programme allows Asda employees to buy Wal-Mart shares at a 20 per cent discount to their 2010 price. Since 2010, the US parent company’s market valuation has increased by about 40 per cent.
Slightly more than 10 per cent of Asda’s 180,000-strong staff chose to take part in the programme.
Staff can choose to sell their shares immediately, or keep some or all of them. They also collected a small tax-free cash bonus.
The total £61.7m payout adds to the total £650m received by Asda employees since the programme’s inauguration in 1982.
Since the acquisition of Asda by the US retailing giant in 1999, the programme has been incorporated into the parent company, and Asda employees have been awarded with shares in Wal-Mart.
Human resources head Hayley Tatum said: “This record bonus pot reflects the success we’ve seen this year, all of which is down to the hard work and commitment of our colleagues across the business.”
“Giving our colleagues the chance to save each month risk-free is just one of our ways of saying thank you, and a great way to ensure that they reap the rewards of their exceptional efforts.”
Market Traders Shun Development to Set Up New Shop