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Tesco staff get £110m bonus pot windfall

Around 225,000 Tesco staff are to share a record £110m bonus pot following the supermarket's annual profits haul of £3.8bn.

Under the chain's Shares In Success scheme, which paid £105m last year and £98m in 2009, workers who have been with the firm for at least a year will be paid shares worth about 3.6% of their salary, up to a maximum of £3,000.

All staff are eligible, from part-timers to directors and the chief executive.

The shares will be issued immediately but staff must stay with the firm for another year to keep them.

They can be sold after three years but only on a tax-free basis if held for five years.

Some 71,000 staff who received £40m worth of shares under the 2006 scheme have now become eligible to sell them tax-free, the firm added.

Tesco said the Shares in Success award was a thank you for the commitment and hard work of its staff.

It also paid out £12.4m in short-term cash and share bonuses to its board of directors last year.