Local Tesco staff share £98m in bonuses

May 27 2009 by Henryk Zientek, Huddersfield Daily Examiner

The total made available to workers is 8% up on last year’s figure and comes after Tesco’s annual profits broke through the £3bn barrier, setting a new record for British retailers.

There was also pay cheer for top bosses at Tesco, who picked up £21m in pay and bonuses in the last financial year, according to Tesco’s annual report.

Chief executive Sir Terry Leahy was paid £5.1m in salary and bonuses – although the payout was down slightly on the £5.5m seen the previous year.

Tesco said pay-outs for many senior staff had been hit by the performance of its fledgling US division, Fresh & Easy, where expansion has been hit by the recession.

Sir Terry and Tim Mason, head of the US arm, were awarded 45% of the maximum possible under their bonus scheme, according to Tesco.