Over 20,000 Tesco staff to split £30m from share schemes

More than 20,000 Tesco workers are set to split £30m generated from the supermarket's share schemes.

The company said an employee who invested the average £68 a month over the past five years would be in line to get around £6,640 from their £4,080 investment - a profit of £2,560.

It added the payouts from its "save as you earn" schemes were due to its "strong performance".

The majority of employees who will receive a share of the windfall work on the shop floor or in disruption centres, the supermarket said.

The news comes after Tesco chief executive Ken Murphy has come under fire for his £10m pay package last year.

Strong growth in Tesco share price has contributed to the £30m windfall for employees.

The schemes offer Tesco staff the chance to buy discounted shares in the company.

Earlier this week, Tesco shares were priced at £3.06 but employees can buy them for around £1.88.

The maximum an employee can invest is £500 a month.

Those who did this stand to make £10,000 from the three-year scheme and £20,000 from the five-year scheme, if they opt to sell, Tesco said.

Emma Taylor, Tesco chief people officer, said the strong performance of the scheme reflected the hard work of employees.

"Colleagues tell us they like this way of saving every month - and when Tesco performs well, they share in a multi-million pound payout or can keep shares bought at a discounted rate," she added.

"This year the schemes’ success is rewarding our colleagues with thousands of pounds in profit, helping to boost their savings for everything from holidays to house renovations."