Flight Centre (ASX:FLT)
will introduce a Recovery Rights Program for all staff, excluding board members and senior executives.
In a one-off response to COVID-19, staff members will be granted share rights if they continue their careers through to December 31, 2022, despite on-going government restrictions.
Employees are to receive approximately 1.9 million shares in total, at an expected non-cash cost of around $30 million at today's share price. Staff who meet employment conditions but cannot accept a share plan will receive a cash benefit instead.
The company aims to reserve cash and retain employees while the government continues to impose heavy travel restrictions.
“This is a material investment in the people who are integral to both our recovery and our future success,” says Managing Director Graham Turner.
Shares in Flight Centre (ASX:FLT)
are trading 1.6 per cent higher at $15.28.