Sainsbury’s staff will share an £8m pot of money after two Sharesave schemes matured.

Almost 11,000 staff will profit from the schemes with the biggest savers in the five year plan to receive over £10,000 each, tax free.

The two schemes matured with a share price of £3.38 as their original savings grew 68% across the five year plan and 13% over the three year plan.

The value of shares subject to the maturity over the last eight years is over £190 million.

Sainsbury’s chief executive Justin King said: “I’m delighted to see another year of great Sharesave returns to over 11,000 of our colleagues.

“It’s a great way to share our success with colleagues working right across our business.”

All Sainsbury’s staff who have had three months continuous service are able to join the scheme. Currently almost 34,256 staff are saving between £5 and £250 a month into 71,334 Sainsbury’s Sharesave contracts.