Sharesave brings an Â£37.5m bonus to Asda colleagues
Today ASDA announced that over 17,000 colleagues will share in a £37.5 million payout thanks to the company’s sharesave plan.
The current stock price will mean colleagues who have saved a maximum of £250 per month for the past 3 years could pocket around £12,700 which is £3,700 more than their original £9,000 investment.
Despite uncertainty across global financial markets, Wal-Mart shares are widely regarded as some of the most stable performers and ASDA colleagues are reaping the benefits.
Colleagues who have chosen to cash in their shares are spending their money on anything from horses to holidays of a lifetime, from shark dives to boob reduction. Case studies are available from the ASDA press office but highlights include:
- A ‘mature’ female colleague is using the money to upgrade her 500cc Kawasaki to a 750cc
- Colleague who has booked herself for a boob reduction job with remaining funds left over for laser eye treatment
- Medical student is putting the money towards her 4th year elective abroad
- Buy a piece of field to become self-sufficient
- Travel to Pearl Harbour in Hawaii to celebrate pearl wedding anniversary
- Pay for a shark dive in South Africa
- Visit Costa Rica to help build homes for underprivileged families
The Sharesave plan, created in 1982, was designed to give ASDA colleagues a stake in the company and the chance to share in the success of the business. The Sharesave plan allows colleagues to save between £5 and £250 every month. At the end of the saving period, colleagues gain a tax-free bonus and can choose to use the savings and bonus to buy Wal-Mart shares discounted by 20 per cent. This year’s Sharesave is run in partnership with Yorkshire Building Society.
“Since 1994, over 200,000 colleagues have benefited from ASDA Sharesave. It’s our colleagues that drive the success of our business and Sharesave ensures they also reap the rewards.” said Andy Bond, ASDA President and CEO.