Some 20,000 Tesco employees have enjoyed quite a windfall from the company’s share save scheme, each getting a little piece of a £30m payout.
Telling the world about this is smart on the part of Tesco’s PR team, coming just a few weeks after quite the kerfuffle about chief executive Ken Murphy’s £10m earnings package, which was more than double his payout from the previous year and represents a record for the group. It means Mr Murphy received roughly a third of the entire sum shared out among the participating 20,000 Tesco employees.
Nevertheless, it is quite a generous scheme. Anyone saving through it is given the option to buy shares at a sharply discounted price after three or five years; the price is based on the market valuation at the time the scheme starts. If the shares have increased in value, members can either use their funds to buy and keep the cheap shares or sell them at a handsome profit.
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