HUNDREDS of members of staff at the Newport offices of car insurance specialist Admiral Group are celebrating after earning a slice of a group-wide shares bonus of £1.6 million.
In all, 2,500 employees of the group will share the windfall, comprising dividends from the company’s two share schemes.
If the money were divided equally, each staff member would receive £640, though in reality some will receive less, while others will receive considerably more.
Dave Johnson, who works in the claims department at Admiral’s Newport office at Langstone Business Park, said the shares schemes are “a great benefit”.
“Receiving the dividend twice a year is a fantastic reward. It means you can treat yourself to a nice ‘free’ holiday or it can help out with the dreaded Christmas expenses,” he said.
Admiral Group is unusual in the way it distributes shares to employees.
It has two free share schemes; the Approved Free Share Incentive Plan (SIP) sees every member of staff receive £3,000 worth of shares each year, regardless of seniority or length of service.
The discretionary scheme, meanwhile, sees staff receive free shares based on seniority or for performing well.
“Our share schemes are designed to reward loyalty to the company and to give everyone who works here a sense of ownership. Without the hard work of our staff in Wales and the rest of the world Admiral could not be the success that it is,” said Admiral boss Henry Engelhardt.
Admiral Group employs more than 4,300 people in Wales, including 408 in Newport.
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