Finance Work Flight Centre shares for workers who stay with the company

Flight Centre shares for workers who stay with the company

flight centre branches close
The shares are estimated to be worth $30 million. Photo: AAP
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Travel operator Flight Centre is offering $30 million worth of shares to retain workers only a year after shedding thousands of people as part of a downsizing move.

Staff who stay to the end of next year will receive the right to 250 shares if they remain to December 31, 2022.

Company leaders expect about 7,500 workers will take up the offer and receive about 1.9 million shares.

The valuation of $30 million is based on Friday’s share price.

The tourism and hospitality sector has struggled during the COVID pandemic as travel restrictions bit hard.

It now faces a different challenge as visitors start to return – retaining and recruiting workers.

Many workers in the industry have lost their jobs or turned to other work as COVID-19 rules prevent long-distance travel.

Flight Centre managing director Graham Turner said the share offer was a retention program encouraging people to continue their careers at the company.

Board members and executives are ineligible.

Shares were up 0.47 per cent to $15.11 at 1148 AEST.

-with AAP