A chunk of Sainsbury’s colleagues are set to receive millions of pounds after a staff savings scheme matured this month.
The Sainsbury’s Sharesave 2022 plan matured on March 1, giving staff the chance to buy Sainsbury’s shares at a discounted option price of £1.67 per share.
More than 9,000 colleagues, mainly across stores and depots, are participating in the plan and, based on the current share price, should collectively share £25m.
The Sharesave scheme allows colleagues to save directly from their pay and have the option to buy shares at a lower rate when the scheme matures.
Staff can then choose to hold on to their shares for longer-term saving, or sell them and take the profit.
Those who saved the maximum amount of £240 per day over the life of the scheme could receive a profit of around £9,000.
Sainsbury’s worked with “wealth at work” to provide financial education sessions so teams could prepare and make informed decisions when the scheme matured.
A Sainsbury’s spokesperson said: “Our colleagues drive Sainsbury’s success, so it is only right that they can share in the success they create through Sharesave.
“We’re proud that more than 9,000 colleagues are seeing the benefit of their commitment to saving and being investors in Sainsbury’s, and we want to encourage even more of our colleagues to take part in Sharesave and share in our success in the future.”
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