Tesco staff to share £175m payout

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Thousands of staff at Tesco will share a Â£175m ($344m) payout from the company's save as you earn scheme.

It allows staff to buy Tesco shares at a discount to the market price and 51,000 staff pay into the scheme.

The 8,000 top savers can expect a payout of more than Â£8,500, which is a 160% return, the company says.

Tesco shares were at Â£4.16 when the scheme matured on 1 February. Over the last three years the share price has risen by more than 20%.

Reinvest

More than two thirds of staff in the scheme choose to reinvest the money.

Tesco chief executive Sir Terry Leahy said: "Save As You Earn schemes are becoming a more popular way to save.

"One in three staff now save with one of our share schemes and I'm delighted that so many choose to invest and enjoy the rewards of their hard work."