Sainsbury’s colleagues are set to receive a major financial boost from the latest Sharesave plan that matured last week.

The retailer’s Sharesave 2022 plan matured on 1 March and gave the staff members a chance to buy Sainsbury’s shares at a discounted price of £1.67 per share from Monday, 2 March.

The Sharesave programme allows colleagues to save money directly from their salary, with the option to purchase shares at a discounted price when the scheme matures.

Afterwards, staff members can choose to keep their shares in the longer term or save them to earn any profit.

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Sainsbury’s estimates that the colleagues in this scheme could collectively receive a profit of approximately £25m.

A Sainsbury’s spokesperson said: “Our colleagues drive Sainsbury’s success, so it is only right that they can share in the success they create through Sharesave.

“We’re proud that more than 9,000 colleagues are seeing the benefit of their commitment to saving and being investors in Sainsburys, and we want to encourage even more of our colleagues to take part in Sharesave and share in our success in the future.”

Staff members who invested the maximum amount of £240 per day period during the scheme could earn a personal profit of around £9,000 according to the business.

This is part of the supermarket’s commitment to support staff members’ financial wellbeing, recently announcing an above-inflation pay rise in January.