£16 million payout for Sainsbury's staff

Sainsbury's today announced that 10,000 of its staff are to share in a payout of more than£16 million as two of the company's Sharesave schemes reach maturity this week.

In the first significant payout since 2002, staff who participated in the three-year scheme could see an increase in their original savings of about 41 per cent, while those in the five-year scheme should enjoy an increase of more than 20 per cent.

These gains have been made possible because of the increase in the company's share price to its current level of about£3.20.

'We saw a 38 per cent increase in colleague participation in the Sharesave scheme this year, which is a clear indication that this is a popular investment for colleagues who want to share in the company's growth,' said Sainsbury's chief executive Justin King.

Sainsbury's has offered staff the opportunity to share in the company's progress through Sharesave schemes for more than 26 years. At present, 32,000 active Sainsbury's staff participate in the scheme, the majority working in stores.