More than 207,000 Tesco staff are to share £98m in bonuses after the grocer’s recent record results.

Employees will receive shares worth the equivalent of 3.6 per cent of their annual salary, to a maximum of £3,000. Any member of staff who has worked at the retailer for at least a year by the end of February is entitled to take part in the “Shares in Success” scheme.

The shares are held in trust for five years and may be sold on a tax-free basis, according to The Times. The bonuses are a record payout for Tesco, which reported annual profits of more than £3bn earlier this month.

It is thought that pay for Tesco’s executive board is down marginally on last year because the retailer did not hit all its financial targets.