Share schemes reach maturity
Tesco is to share out a bonus of£111 million with about 49,000 of its staff as two of its Save As You Earn (SAYE) share schemes mature.

With the Tesco share price now well over£3.00, many staff that joined the SAYE scheme just three years ago will already have doubled their money. Top savers - including checkout assistants, delivery drivers and managers - stand to net more than£5,300, a 59 per cent return on investment.

About 65 per cent of employees plan to save their shares, possibly for retirement, while others are cashing in on the grocer's 25-year-old scheme, which attracted 96,154 applicants last year.

Tesco chief executive Sir Terry Leahy said: 'I know how important our benefits package is to our people. At Tesco we offer fair pay, a great pension and the opportunity for staff to take a stake in the business. In recent years, many staff have done this through Save As You Earn.'

Employees who joined the scheme five years ago can buy shares at the 2000 option price of£1.98 each, while those who joined the scheme three years ago can buy shares at the 2002 price of£1.59.