Staff at Leeds-based supermarket giant Asda celebrate share pay-out
Published Date:
09 October 2008
Business Editor
THOUSANDS of workers from Asda stores and depots across the country are celebrating following the maturity of the company's Colleague Share Ownership Plan which has paid out more than £2m in free shares.
The first of the plans to mature in August paid out over £3m to 19,000 staff members in the Leeds-based supermarket firm's 348 stores across the country, with a further 15,000 staff sharing a pot of £2m-worth of shares in Asda's US parent, Wal-Mart.
The firm's Colleague Share Ownership plan was set up in 1995 giving thousands of colleagues - Asda name for its staff - free shares in the business.
Staff who have held options for three or six years can now cash in on the profit for the sale of their shares.
Each option this year was in profit by US $8.40 - which means, on average, each staff member will receive £120 should they choose to sell.
In total 170,000 Wal-Mart shares have been cashed in by Asda staff this year.
David Smith, people director for Asda, said: "At a time when people are strapped for cash, we're giving thousands of colleagues a well earned bonus.
"Whether it's to help towards the Christmas shopping or pay off the credit card, the proceeds of these shares will really make a difference in the current climate."
More Asda staff will benefit from the maturity of their free shares every year now until 2012.
The full article contains 253 words and appears in n/a newspaper.
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Last Updated:
09 October 2008 12:45 PM
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Source:
n/a
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Location:
Leeds
