|Admiral Money for Workers
Employees at the Admiral car insurance group are set to receive a windfall averaging £37,000 each when the company floats on the stock market. The flotation, which makes a 10% stake in the company available, has led to this bonus because the organisation is part-owned by its staff.
Payments to individual workers will vary depending on the length of service of individual staff members. The share price values the 10 year-old company at some £711m. The company has a total of 1,500 staff based in Wales.
The Chief Executive of the company stands to make £140m but has stated that he has no plans to spend the money in a hurry. It is believed that the minimum amount being paid to an individual employee will still be in the region of some £10,000.