TESCO employees are set to be up to £20,000 better off, thanks to the success of the supermarket’s Save as You Earn share scheme. And Tesco isn’t the only company offering this sort of Sharesave scheme, major brands such as Asda, Tesco, BT, and Next have all run them for their employees. 1 A number of employers offer the sharesave scheme for workers In fact, the most recent government figures show that 19,990 companies in the UK have the schemes available, with more than a million people taking part so far.
However, the schemes are not always well publicised or understood. Here’s what you need to know. What is a sharesave scheme? A sharesave scheme is where the company you work for offers you shares as a reward for working there.
Some of the schemes have special tax privileges, which means you won’t pay income tax or national insurance (NI). There are four main types called Share Incentive Plans, Save As You Earn (SAYE), Company Share Option Plans, and Enterprise Management Incentives (EMIs). However, EMIs and Company Share Option plans do not have to be offered to every employee, and so are less widely available.
Whereas if your company runs a Share Incentive Plan or an SAYE, you should be able to access it. Share Incentive Plans This allows you to regularly buy shares in your company. Most read in Money LEXI'S BATTLE Amanda Holden’s daughter Lexi rushed to hospital with life-threatening bug PLUSH PAD Ryan Christie forks out almost £900k for flat in expensive Sco.