Tesco employees are set to receive a £30m payout as part of the grocer’s Save as You Earn (SAYE) colleague share scheme.

Tesco has saved £200m per year through energy efficiency

Tesco employees are set to split a £30m payout from the grocer’s share scheme

More than 20,000 Tesco staff, comprising shopfloor and distribution centre employees, are set to split the payout.

The news comes after Tesco enjoyed strong growth over the last year, with its share prices hitting £3.06 earlier this week.

Staff who joined the SAYE scheme can purchase Tesco shares at a discounted price of £1.88 or £1.98 each to invest in the long term or make a profit by reselling.

The grocer said staff members who invested a maximum of £500 per month in the programme stand to make a profit of nearly £10,000 from the three-year scheme and nearly £20,000 from the five-year scheme.

Tesco chief people officer Emma Taylor said: “It’s great news that more than 20,000 colleagues will benefit this year from our share schemes.

“This is just one of the many benefits available to our colleagues and the strong performance of the schemes this year is a reflection of their hard work and the brilliant job that they do serving our customers every day.

“Colleagues tell us they like this way of saving every month – and when Tesco performs well, they share in a multi-million-pound payout or can keep shares bought at a discounted rate.

“This year the scheme’s success is rewarding our colleagues with thousands of pounds in profit, helping to boost their savings for everything from holidays to house renovations.”