News Column

Telecommunications BT staff to share pounds 1bn in dividend scheme

August 2, 2014

Press Association

Almost 23,000 BT staff will receive an average of pounds 42,000 each as part of a share ownership dividend totalling pounds 1.1bn, it was announced yesterday.

A spokesman for the company said the scheme, which began in 2009, was "one of the UK's largest broad-based employee share plan maturities ever".

Staff who joined the plan saved between pounds 5 and pounds 225 every month until this month, and can buy BT shares at 61p - a 14p discount on their price five years ago, when the company faced tough times. When the FTSE 100 closed on Thursday BT shares were worth 388.5p, resulting in an enormous payout that will in the main go to engineers and call-centre workers.

Around 7,000 BT employees saved the maximum pounds 225 a month and are in line for a payout of pounds 89,705 based on last night's prices. A BT spokesman added that the scheme includes a number of BT couples who saved the maximum and were now looking at a pounds 179,410 windfall. The average worker saved pounds 124 a month.

The BT workers in the scheme, who make up about one third of the company's UK staff, invested pounds 177m and are now in line for a payout worth pounds 1.1bn between them.

BT chief executive Gavin Patterson said: "I'm delighted that so many BT people are sharing in the company's success through our 'saveshare' plan." PA

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Source: Guardian (UK)

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