Shoprite Employee Trust Payouts Exceed R500 Million Milestone, Surpassing Expectations in Two Years

Shoprite Employee Trust Payouts Exceed R500 Million Milestone, Surpassing Expectations in Two Years

The Shoprite Group has announced that it has disbursed over R500 million to employees through its Shoprite Employee Trust (SET) in South Africa and equivalent payroll benefits in non-RSA regions. Established in 2022, the Trust was designed to ensure that the Group’s dedicated employees reap the rewards of its sustained success.

Marking a significant milestone, the retailer has surpassed the R500 million mark in payouts to eligible employees following the fifth distribution payment since the inception of the Shoprite Employee Trust almost two years ago. This achievement underscores the Group’s commitment to recognizing the pivotal role played by its workforce in driving growth and prosperity.

Initially valued at R8.9 billion after its formation in May 2022, the Trust operates on a non-vesting, evergreen basis, holding 40 million Shoprite Checkers shares. Over the years, it has generated positive financial outcomes, with payouts exceeding R500 million benefiting more than 122,000 employees and their families.

Under the SET, permanent employees with a tenure of two years or more receive distribution payments every six months, aligned with the Group’s dividend schedule. This approach aims to foster employee engagement and loyalty while sharing the rewards of the Group’s performance.

Beyond its internal initiatives, the Shoprite Group continues to make significant investments in South Africa. During its last fiscal year, the company created 8,131 new jobs and provided training to 6,250 young individuals interested in pursuing careers in retail through its Retail Readiness Programme and participation in the YES initiative. Additionally, the Group funded the education of 200 tertiary students through its comprehensive bursary programme.

Furthermore, the retailer remains dedicated to supporting vulnerable communities by serving 273,264 meals daily through its corporate social investment (CSI) programmes. Additionally, it ensures affordability for its 29 million customers by offering over 1,500 products priced at R10 or less, helping households put nutritious food on their tables.

About Post Author

Visits: 0

kuni Isaac

Learn More →
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x