Tesco retail jobs get rewarded with £144m

Retail jobs at Tesco who have bought into the retailer’s Save As You Earn (SAYE) scheme, will share in the total payout of £144m.

The SAYE scheme allows Tesco staff to save between £5 and £50 of their salary every month for three to five years.

According to the UK Press Association, a mature scheme will then pay out tax-free bonuses to those who participated.

Five years ago Tesco shares were 232p and three years ago they were 307p.

On February 1, Tesco's share price had risen to 422p which means that those who have participated since 2004 at the maximum of £50 will each receive a bonus payout of £6,000.

Another bonus is that staff can reinvest their payouts at the share price they paid when they initially entered the scheme.

With jobs and the economy currently still experiencing a massive credit crush, Tesco staff can be ecstatic about their sensibility to join the scheme five years back.

According to the Telegraph, Tesco's retail director David Potts, said: “Tesco’s Save As You Earn scheme has really delivered for thousands of employees this year.

"With reports suggesting that 2010 could be another year of stretching personal budgets for many people, today’s returns will be a very welcome boost to income and are well deserved for the continued dedication and hard work of our colleagues.”