More than 9,000 Sainsbury’s colleagues could share in a £25m payday after the grocer’s latest Sharesave plan matured this month.
The Sainsbury’s Sharesave 2022 plan, which allows colleagues to save directly from their pay, matured on 1 March 2026. This gave colleagues the opportunity to buy the supermarket’s shares at a discounted option price of £1.67 per share from 2 March.
The majority of colleagues participating in the plan are store and depot colleagues, who together hold around 15 million share options. Based on the retailer’s current share price, colleagues in this scheme could collectively realise a profit of approximately £25m if they all choose to sell their shares now.
Colleagues who saved the maximum amount of £240 per pay period over the life of the scheme could see a personal profit of around £9,000.
“Our colleagues drive Sainsbury’s success, so it is only right they can share in the success they create through Sharesave,” a Sainsbury’s spokesperson said.
“We’re proud that more than 9,000 colleagues are seeing the benefit of their commitment to saving and being investors in Sainsbury’s, and we want to encourage even more of our colleagues to take part in Sharesave and share in our success in the future.”
There are currently over 17,000 colleagues participating in Sharesave across the business, with the scheme being “one of the most popular benefits available to Sainsbury’s colleagues”, the spokesperson added.
It follows news in January that Sainsbury’s colleagues would receive an above-inflation 5% pay increase this year, bringing its hourly rate up to £13.23.
In what the supermarket giant described as a “sector-leading increase”, hourly pay rose to £13.23 per hour nationally and to £14.54 per hour in London this month. For a full-time hourly-paid colleague, the investment will see their pay increase by over £1,200 a year.
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