Lloyds TSB will pay out £252m to more than 62,000 staff through the bank’s free share and matching share schemes, and cash awarded under its bonus schemes.
In April, £40m-worth of†shares will be paid out to employees under the group’s annual free share scheme. Each staff member will receive 3% of their annual salary in shares up to a total of £3,000 per person.
A further £11m shares will be awarded in matching shares to staff investing in its share plan. Via the scheme, employees can invest up to £125†per month from their gross salary. For every share purchased, the company gives a free matching share up to the value of £30 per month.
Under the Group’s 2004 annual free share scheme, £36m shares will be released to staff from the compulsory holding period during April 2007. The scheme holds shares for a minimum three years during which time staff cannot sell the shares but benefit from dividend payments.
Finally, £165m will be awarded to staff under the bank’s bonus scheme which is paid in recognition of performance. This does not include payments made through its†senior executive bonus scheme.
Mike Fairey, Lloyds TSB deputy group chief executive and acting HR director, said: "Not only do our various schemes provide a great way for our staff to build up a nest egg, they also show our appreciation for all the hard work and commitment they give all year round."