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.
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.
Source www.aerotime.aero
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