Thousands of Morrisons staff to gain reward after share price rises
More than 7,900 Morrisons staff will receive shares or a cheque averaging nearly Â£4,000 this month as a result of a scheme that allows them to save for Morrisons shares.
The staff have been saving an average of £70-a-month over the last three years into the company’s Sharesave scheme which enables colleagues to purchase shares at £1.64 each at the end of the period.
A spokesman for Bradford-based Morrisons said: “In the meantime, the share price has risen to £2.49 at the end of the period, a 52 per cent increase for staff that backed the company and an average profit of more than £1,300.
“In July, staff will begin to receive their shares collectively worth £32m and they have the choice of keeping them or selling them immediately.”
Inji Duducu, Morrisons’ people director for Rewards, said: “We have always said this would be a colleague led turnaround, so it’s important that they share in the success of this great British company.
“We’re delighted that so many chose to take part and are now reaping the benefits.”
In the Morrisons’ Sharesave scheme, Morrisons staff can choose how much they would like to save each month. It can be between £5 and £350-a-month.
This amount is taken from their salary and deposited into an account with Yorkshire Building Society. At the end of the three-year savings term they can either buy and retain shares in Morrisons or withdraw the cash.
The price of the share is fixed at the outset and in the case of Sharesave 2015, which matures this month, was £1.64. Morrisons’ fortunes have been revived in recent years by the CEO David Potts.