Tesco share price: Grocer to award staff with turnaround bonus

Tesco (LON:TSCO) has promised to award its employees with a one-off ‘turnaround bonus’ worth up to five percent of their salary if the company reaches its sales and profit targets this year.

The UK’s largest retailer announced the planned payout on Friday, after negotiations with labour union Usdaw. Tesco is still in talks over further details of a new pay deal for its workers.
The turnaround bonus will not replace the existing Shares in Success bonus scheme, which this year paid out one percent of salary up to a maximum of £1,000. Tesco said no decision had been made on the coming year’s Shares in Success but any changes would be made in consultation with Usdaw.
The supermarket giant also revealed on Friday plans to increase its minimum spend for deliveries of online orders from £25 to £40. The grocer said any order under the new limit will be subject to a £4 surcharge in addition to the existing delivery charge, which ranges from £1 to £6. The charge will also apply to all deliveries and the supermarket’s Delivery Saver, where shoppers pay for an annual delivery pass to reduce the cost of delivery slots. The changes will come into force on July 23.
Tesco spokesperson said, as quoted by the Guardian: “We’re changing the minimum basket spend when you shop online for your groceries to £40. Customers will still be able to benefit from a range of offers, including our Delivery Saver scheme, £1 one-hour delivery slots and our free click-and-collect grocery service.”
Tesco’s share price has advanced today. By 12:56 BST, the stock had risen 1.88 percent to stand at 211.65p.
As of 13:44 BST, Monday, 13 July, Tesco PLC share price is 211.28p.