UKís largest private sector employer leads the way in taking responsibility for helping staff with money
Employees invited to FSA briefings on ìmanaging your moneyî
New personalised and interactive Annual Benefits Reports launched
Good money management has never been more essential than in the current economic climate and Tesco has this month embarked on what they believe is the biggest single drive by an employer to provide its staff with information on managing their money. Employment provides most peopleís major source of income and benefits and Tesco believes it has a responsibility to help its staff to make the most of their money.
Tesco is this month distributing the Financial Services Authorityís essential guide to personal finance ìJust the facts about making the most of your moneyî. With all 280,000 Tesco staff in the UK receiving the guide, it is believed this will be the largest direct promotion of personal finance information by an employer in the country.
The FSA guide provides unbiased clear facts and information on how to get help in all of the core financial areas, such as budgeting, borrowing, protection, saving and planning for retirement.
Tesco has also held a series of hour-long trial briefings for hundreds of staff in head offices across the country. More are being planned for Tescoís distribution centres. In stores, employees are being made aware of the coming booklet in weekly planning meetings.
In a further move, Tesco has also launched significantly upgraded individual Annual Benefits Reports to all staff. These have been enhanced to personalise them to each individual, as well as extremely easy to read and understand.
Each Report summarises the total benefits package of that person including current pension and life cover benefits and highlights all of the benefits that they are eligible and can sign up for, from Free Shares, Save as You Earn, to Pension scheme and Childcare vouchers.
The Reports are being exceptionally well received by staff, prompting many to think about their finances and to review their benefits options.
Carole Chalcroft, an administrator at Tesco, said ìI think it's a great little booklet, really informative and very motivational when you see all your benefits in one place like that. It's prompted me to think about sharesave options, and also to review my pension - so thank you!î
Dino Papas, fleet and equipment manager for Tesco Dotcom said: ìSome friends and family have seen my benefit booklet and are absolutely amazed that this piece of clear, understandable, detailed work is done for employees.î
Hayley Tatum, Director of Personnel, Tesco UK Stores and Distribution said: ìTesco is undertaking these initiatives because we are very keen to support our people every way we can. Good money management can make a real difference to peopleís lives. We are proud to offer an excellent range of benefits to all staff - including a defined benefit pension scheme and a range of share save schemes. But we wanted to ensure we are doing all we can to encourage staff to take up all benefits available to them - and by linking with the FSA - to ensure they have access to information about how best to manage their finances. We think this is something that all employers should consider doing for their staff.î
Tesco helps staff to make the most of their money with major financial advice drive
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