As the retail world is battling the deadly pandemic, no one is sure when the business will be back to normalcy.
Amidst all this, Frasers Group, which owns Sports Direct, House of Fraser and Flannels, has announced the launch of an incentive scheme that will enable its staff a share of a £100 million payout.
Frasers Group plans to put forward a resolution prior to its AGM on 7 October about an award plan for staff.
Notably, for the payout to happen, the Group’s share price must increase by at least £10 consistently for next 4 years.
And what’s the criterion!
Those who have worked at Frasers Group for 4 years or more will be entitled to a maximum 4 weeks’ worth salary bonus.
Add to this, the Group has plans for a performance reward plan to reward its 1,000 highest ranked staff.
Reportedly, as per the scheme, the top 10 will be awarded with £1 million – the further payouts ranging from £500,000 to £50,000.
Importantly, Group’s directors and consultants will not be eligible for the scheme.
Frasers Group added that shareholders would not be diluted by the incentive schemes.
