Bumper payout for United staff

UNITED Co-operatives staff are set to receive another maximum payout through the society&#039s Employee Share Plan. Many of United&#039s 15,200 staff will receive shares worth &#163 500 under...

UNITED Co-operatives staff are set to receive another maximum payout through the society&#039s Employee Share Plan.
Many of United&#039s 15,200 staff will receive shares worth &#163 500 under the proposal. Part-time workers will receive pro-rata allocations and full time personnel with between six months and a year&#039s service will receive a 50 per cent payout.
Almost 75 per cent of United staff with more than six months of service have opted into the scheme. Launched in 2001, United&#039s Employee Share Plan represents a key part of the society&#039s stakeholder strategy. Employees who had a year&#039s service at that time and signed up for the scheme immediately will, following the latest allocation, have received shares to a value of &#163 1,500 since 2001.
Total payout under the scheme in 2004 is expected to reach &#163 2.4 million, compared with &#163 1.8 million a year ago and &#163 1.28 million in the launch year.
The proposal for the maximum payout follows United&#039s announcement of a 10th successive year of record turnover and profits and the news that the society is planning to spend up to &#163 100 million on business acquisitions in the current financial year.

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