Rolls-Royce to reward 42,000 employees with £700 in shares

Rolls-Royce is set to reward its 42,000 employees worldwide with shares worth approximately £700 each, following a strong financial recovery. The company will distribute 150 shares per worker in September 2024, marking the first time it has given shares to its personnel.
This decision follows Rolls-Royce’s substantial profit of £1.1 billion for the first half of the year, nearly doubling its earnings from the same period in 2023. The initiative is expected to cost the company around £30 million.
According to an internal letter to the company’s staff, seen by the BBC, UK-based employees will face a three-year holding period before they can sell the shares, which will be taxable unless held for five years.
Rolls-Royce currently employs around 21,000 people in the UK.
“Our robust results and ongoing transformation are a direct result of your hard work,” the company stated in the internal memo.
Rolls-Royce, which was severely impacted by the global pandemic and a steep decline in air travel, has been on a recovery path since Tufan Erginbilgic’s appointment as CEO in January 2023. Erginbilgic, who described the company as a “burning platform,” spearheaded a transformation program that included a significant job cut of 2,500 positions at that time.
The head of the company, who will not receive the shares, praised the employees’ role in the turnaround, stating, “These results are thanks to your hard work. It is important that you share in our success. We want to recognize your contribution to our future success and reward you for the role you will play in it.”
Source: aerotime.aero
Trending Business
Simon Madjie rallies envoys to drive investments
02:11TMA charges Tema Central Sub-Metro Council to boost revenue mobilisation
15:27Rektron Group moves to acquire 60% stake in Airtel-Tigo
09:00NSA board inspects Ejura Farm as part of nationwide agricultural project tour
08:51Bank of Ghana hosts BADEA President as Ghana signs 24-Hour Economy MoU
01:37TDC warns against unlawful occupation of public lands in Tema acquisition area
00:52Ghana secures $3.5bn investment to boost upstream petroleum sector — Energy Minister
00:30Gov't targets 60% boost in coconut export earnings
09:48Mahama calls for “just energy transition” at APPO NOCs CEOs forum
09:25Ghana Free Zones Authority strengthens ties with Hungarian Embassy to boost investment
08:59