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Share scheme nets UK bank staff cash bonus

Thousands of workers at the UK's fifth largest retail banking group, Lloyds TSB, are to receive a windfall of up to GBP17,000 as a share scheme they have saved into pays out.

The 19,000 Lloyds staff will receive an average payout of GBP8,000 for their investment of between GBP5 and GBP250 per month since June 2003.

The scale of the dividend – which amounts to a total of some GBP69 million – is largely down to Lloyds’ shares outperforming the stock market over the past three years. The bank allows staff to enter the share save scheme each year and currently reports suggest some 60% of the workforce is participating.