Tesco lines up a staff bonus

THOUSANDS of Tesco staff will share a £38m windfall after their profit share scheme matured last week. More than 100,000 workers - from checkout staff to head office executives - each expect hundreds of pounds under the scheme, which shares profits with staff who have three or more years' service.

Staff were given shares equivalent to 3.7% of their salary in 1999 when the share price was 188p. Today, with the price at 258p, an employee earning £25,000 stands to gain shares worth about £1,270.

Tesco directors have already benefited from share bonus schemes. Last month it was revealed that incentive schemes boosted boardroom pay for the year to the end of February to £13m compared with £8.8m the previous year.