- Will this include you?
Tesco offer a range of rewards and benefits as befits a major employer. Here is a list of the principal perks which are on offer although please note that not all jobs attract all of the ‘extras’. Always check each job description through thoroughly before applying and then clarify what is being offered at interview. Never be too shy to ask. Tesco is a commercial organisation and, by asking, all you are doing is demonstrating that you are being commercial, too.
Tesco Shares
If you’ve been with Tesco for at least a year (as of a February when Tesco’s financial year ends), you are given free shares in the company and these are held in trust for you for a period of 5 years, after which you can have them without having to pay income tax on them. The Tesco share price (LSE:TSCO) has risen from £2 to just over £4 in 8 years.
Profit share
Everyone gets a share of Tesco’s operating profit however the amount you get will depend on your salary level.
Save As You Earn (SAYE)
If you’ve been with Tesco a whole year as of the beginning of October, you are given an opportunity to put aside any amount up to £50 every 4 weeks for a period of 3 or 5 years. At the end of this period your money will have accrued a bonus which you can then either take tax free or use with some or all of your savings to buy Tesco shares at 20% off the listed share price (e.g. that would mean currently paying around £3.30 for shares selling at £4.10).
Buy As You Earn (BAYE)
Once you’ve been with Tesco for 3 months, you can elect to join the BAYE scheme which they operate. Through this, you can buy shares at the normal market price every 4 weeks, paying out of your GROSS salary (i.e. you effectively reduce your Income Tax and National Insurance contributions by purchasing the shares). Of course, share prices can go down as well as up so don’t bet if you can’t afford to lose!
Pension
Tesco provide a pension and life assurance scheme.
Staff Privilegecard
After a year of service with Tesco, you are given a Privilegecard which you can then use in-store to get a 10% staff discount on purchases. Depending upon your position, you may also be entitled to discounts on Tesco Telecoms and Tesco Personal Finance.
Discounts
Tesco offer discounts on entrance to theme parks, certain holidays and gym membership as well as one-off special deals.
Health
Discounts with major healthcare companies are available for dental cover, medical insurance and health cash plans.
Lifestyle
Tesco offer other perks such as childcare vouchers, time off work for emergencies or longer holidays, and career breaks.
More about Tesco jobs.
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