Norwich Union offers share scheme for staff

A staff share scheme, which allows employees to save a regular amount from their after-tax salary, has been launched by Norwich Union in response to the changes in the Finance Act. Norwich Union claims to be the first company in Ireland to offer the option to employees. Staff are entitled to save a regular amount over a three-to five-year period, after which they may purchase company shares using their savings and a tax-free bonus. Shares will be offered at a discount of 20 per cent off the share price at the beginning of the savings period.