Tesco staff enjoy bonus share-out

More than 207,000 employees at Tesco are scooping share bonuses worth a total of £98m (€111.5m) after the retailer’s record annual results, it was revealed today.

Tesco said all staff – from checkout workers to store managers – who have worked with the supermarket giant for at least a year by the end of February are eligible for the free shares, offering 3.6% of salary, up to a maximum of £3,000 (€3,400).

The “Shares in Success” windfall marks an 8% rise on the previous year and comes after Tesco’s annual profits broke through the £3bn (€3.4bn) barrier, setting a new record for British retailers.

There was also pay cheer for top bosses at Tesco, who picked up £21m (€23.9m) in pay and bonuses in the last financial year, according to Tesco’s annual report also released today.

Chief executive Terry Leahy was paid £5.1m (€5.8m) in salary and bonuses, although the payout was down slightly on the £5.5m (€6.25m) seen the previous year, with pay packages reduced for many senior staff as Tesco reportedly missed internal targets despite the bumper profits haul.