Business Report writes that the Shoprite Group has paid out more than R500 million to employees through its Shoprite Employee Trust (SET) in SA, barely two years after the trust was established.
Valued at R8.9 billion following the conclusion of the transaction in May 2022, the Trust was established on a non-vesting, evergreen basis with 40 million Shoprite Checkers shares. Its aim is to ensure the group’s employees benefit from its ongoing success via the Trust. Under the scheme, permanent employees with two years or more of service benefit from distribution payments every six months, in line with the group’s dividend payments. The retail group indicated last week that its Trust had surpassed the R500 million mark in payouts to more than 122,000 eligible employees and their families, following the fifth distribution payment. Shoprite also created 8,131 new jobs in its last financial year, trained 6,250 youth for a career in retail, took part in the YES initiative and funded the studies of 200 tertiary students through a bursary programme.
- Read the full original of the report in the above regard by Edward West at Business Report
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