Thousands of Asda colleagues benefit from from multimillion windfall
Thousands of workers from ASDA stores and depots across the country are celebrating today 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 £3million to 19,000 colleagues in ASDA’s 348 stores across the country, with a further 15,000 colleagues sharing a pot of £2million, worth of Wal-Mart shares.
The Colleague Share Ownership plan was set up in 1995 giving thousands of colleague’s free shares in the ASDA business.
Colleagues 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 $8.40, which means on average each colleague will receive £120 should they choose to sell.
In total 170,000 Wal-Mart shares have been cashed in by ASDA colleagues this year.
David Smith, People Director for ASDA commented,
“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 colleagues will benefit from the maturity of their free shares every year now until 2012.