Jet2 staff in line for £58m payout from ShareSave programme

Almost 6,000 Jet2 staff who joined a ShareSave scheme in 2022 are in line to benefit from a total payout of more than £58 million.

The scheme, which matured on October 1, gave members of staff the opportunity to buy shares at a discounted price of £7.66 each, with those who joined now able to choose whether to hold or sell their stakes.

The company said the payout had been calculated by multiplying the number of shares in the scheme by £14.16, based on an 84% rise in share price in the ensuing period.

The return on the amount invested is more than £26 million, with a member who invested the average £227 a month in the three-year scheme standing to make a gain of approximately £6,922 from their £8,172 investment.

Members investing the maximum £500 a month stand to make a gain of approximately £15,261, if they opt to sell.

The company said the scheme added to support for staff who have also received a compounded salary increase of 28% over the past four years.

Jet2 also operates a Profit Share Scheme for non-management staff and a Bonus Scheme for management.

Chief executive Steve Heapy said: “We continue to grow and succeed by focusing on a simple philosophy of People, Service, Profits and we are delighted that our hard-working colleagues can share in the success that they helped create.

“Their passion and tireless dedication to delivering industry-leading levels of customer service is what drives our continued success, so we are incredibly pleased to see that effort rewarded through our ShareSave scheme.”