easyJet employees get share scheme boost
11.08.08
easyJet employees stand to gain £3,431 on average on maturity of the first year of the low-cost airline's sharesave scheme. The first year of the scheme, which matured on 1 August, has 880 members who, on average, have made contributions of £115 a month.
Employees making contributions at this level will have paid in £4,100 over the three years of the scheme and, based on a closing price of 332.5p as at 24 July, could end up with a total shareholding worth around £7,790.
Ken Lawrie, head of reward at easyJet, said: ‘This is a very good rate of return. However, shares in the airline industry are volatile, particularly in recent months with very high fuel prices. At one point over the three-year period, the average holding could have been worth almost £17,000, but it is also true to say in recent weeks this value had dropped to £6,000.’
easyJet also has a buy-as-you-earn scheme, in which staff can buy shares from their pre-tax income, which are then matched by the firm. In each of the last two years, the airline has also given its employees the equivalent of two weeks' salary in free shares.
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