As many as 14,700 Asda staff are set to pocket a record £49 million as a three year Walmart Sharesave scheme matures.

This year's payout is the biggest yet for colleagues, with those saving £50 a month receiving more than £3,300, over £1,400 more than their original investment of £1,920.

Sarah Dickins, people operations and policy director at Asda, said: "This is the third consecutive year that our colleagues have enjoyed a record Sharesave payout. Our colleagues drive the long-term success of our business; with a 70% increase on the money they invested for this year's payout I am delighted that so many of our colleagues are reaping the rewards of their hard work."

The Sharesave plan, created in 1982, was designed to give Asda colleagues a stake in the company and the chance to share in the success of the business.

The Sharesave plan allows colleagues to save between £5 and £250 every month. At the end of the saving period, colleagues get a tax-free bonus and can choose to use the savings and bonus to buy Walmart shares at a 20% discount.