More than 90,000 BT employees are benefiting from one of Britain’s broadest bonus schemes by each receiving shares in the company worth around £250 each. BT has recently awarded eligible employees shares with an overall total value of around £22m in recognition of their contribution to BT’s transformation and growth. These shares will also qualify for the final dividend of 7.6p per share, payable on September 11, 2006.
BT’s employee allshare plan gives employees around the world the opportunity to receive free shares once a year if BT achieves preset profitability and customer satisfaction targets. Full and part-time employees who have been with the company for more than a year are eligible to receive the shares. Over the past five years, employees participating in allshare could have built up shares worth more than £1,400. allshare operates in 41 countries.
Hanif Lalani, BT Group Finance Director, said: “We support employee share ownership through a number of schemes. The share awards under allshare are linked to performance targets and, like any other shareholder, if BT performs successfully then employees also benefit. By encouraging our people to meet these targets, including quarterly updates on progress during the year, we help to secure BT’s future as a growing business.”
BT has also operated for many years a savings-related share option plan (saveshare) and also a monthly purchase plan (directshare) for employees, which enables employees in the UK to buy BT shares on a tax advantageous basis. A similar share option plan operates for BT people in around 20 other countries.