More than 8,000 supermarket workers are among Sainsbury’s staff set to share in a £23 million payout after participating in its employee share ownership scheme.
Checkout assistants, store staff and other workers can expect an average payout of £2,875 each after the scheme matured today.
The programme enables staff to convert their savings into Sainsbury’s shares, at either £2.41 or £3.02 per share respectively (the price at the start of the three- or five-year scheme).
Fiona Downes, head of employee share ownership at not-for-profit organisation IfsProShare, said the Sainsbury’s scheme was a good example of the benefits of SAYE (save as you earn) schemes.
“Giving employees a stake in their employer helps boost company performance and is an effective savings mechanism for staff,” she commented.
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