Thursday 9th October, 2008
THOUSANDS OF ASDA COLLEAGUES BENEFIT FROM MULTIMILLION WINDFALL
34,000 people receive a share of Wal-Mart’s Colleague Share Ownership Plan
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.
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Notes for Editors
- ASDA has 348 stores across the UK and employs 170,000 colleagues.
CSOPMaturity on the 30th September - Over 15,000 colleagues have benefited from this plan
- They share almost 69.000 Wal-Mart shares
- In cash terms over £2 million
Maturity on August 1st - Over 19,000 colleagues have benefited from this plan
- They shared over 100,000 Wal-Mart shares
- In cash terms this is worth over £3 million
ASDA PEOPLE MAKING THE DIFFERENCE
· At ASDA, it’s people that make the difference. Every one of the store’s 175,000 colleagues play a part in making the business a success and over 100,000 of them own a stake in the business through one of the UK's biggest share ownership schemes.
· The workforce represents all ages, genders and ethnic groups and our people policies reflect that.
· A range of award-winning flexible working packages allow colleagues to achieve a balance between their family, learning and religious commitments. Carefully selected healthcare, legal and financial partners deliver benefits that offer real peace of mind whilst links with cinemas, holiday companies and UK day-trip destinations ensure colleagues and their families can share in our sense of fun.
· Flexible Working for Students, Carers and Career breakers - it's not just parents who need flexibility and ASDA recognises that with the following leave packages such as:
o Career break - Colleagues can take a career break of up to 2 years.
o Store swapping schemes - available for students wishing to work in their study store as well as in their home store.
o There 2 Care leave - Colleagues can take up to 26 weeks leave to care for a sick or elderly relative or friend.
o It’s my Day - Launched to celebrate ASDA’s 40th birthday. Colleagues can take a day’s unpaid holiday to celebrate an event special to them.
· Examples of Family Friendly Working include:
o Child care leave - available for parents to stop work for a short period during the summer holidays, returning later with continuous service and maintained benefits
o Shift swapping schemes - available for colleagues needing to be absent from work for specific family or domestic reasons
o School starter scheme - a unique scheme that allows parents to take a half day holiday on their child's first day at school
o Emergency family leave - Reasonable time off to deal with family emergencies which may arise.
o Grandparents’ leave - On the birth of a grandchild, grandparents are often involved in carer duties. To help with this up to a weeks leave is available
