Lloyds TSB workers get windfall

Lloyds TSB saw profits soar in 2006.

More than 62,000 Lloyds TSB employees are to share in a £252m windfall payout from the company's shares and bonus schemes, the firm has said.

The award comes after the UK's fifth biggest bank announced its 2006 pre-tax profits had risen 11% to £4.25bn.

About £40m worth of shares will be awarded - with staff getting 3% of their annual salary in shares up to a maximum of £3,000.

The bulk of the money - some £165m - will be paid as performance bonuses.

This does not include payments for senior executives.

Lloyds TSB is also matching £11m worth of shares bought by employees as part of its Group Shareplan.

Deputy group chief executive Mike Fairey said the reward package provided "a great way for our staff to build up a nest egg" as well as rewarding hard work and commitment.

Last month HBOS announced its employees were to receive about £7,500 in bonuses after the Edinburgh-based company announced a 19% rise in annual pre-tax profits.

And about 50,000 Tesco staff are to share in an £148m payout, after two company share option schemes matured.