Tesco staff set to lose out on shares scheme
The recent slump in Tesco's performance is set to hurt more than 50,000 workers who signed up to a share-saving scheme. They are expected to pocket far less than previously hoped after a dire Christmas trading performance and profits warning saw nearly £5 billion wiped off the supermarket giant's share price in a single day.
If shares had stayed at the levels seen before last week's slump, the 54,000 staff would have been set to make gains of up to £762. Tesco has now told staff that have already opted to take their payment in shares that they can change their minds and accept a £275 cash bonus also available under the scheme.
Under the scheme, the UK's biggest private-sector employer allows staff to save up to £50 a month for three or five years and then buy shares at a pre-agreed price.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies