Shoprite Holdings, Africa’s largest retailer, which is partly owned by South African billionaire Christo Wiese, distributed over R500 million ($27 million) to its South African employees through the Shoprite Employee Trust (SET) within two years of its launch. The move underscores the grocer’s commitment to sharing its success with its workforce.
Established in May 2022, the SET is a non-vesting, perpetual trust funded with 40 million Shoprite Checkers shares valued at R8.9 billion ($478.07 million). It aims to share the group’s success with its valued employees. Permanent staff with a minimum two-year tenure are eligible for semi-annual distributions, mirroring the company’s dividend payout schedule.
Shoprite employee trust surpasses half a billion rand
Shoprite, boasting more than 2,900 stores across the continent and leading the retail market in South Africa, disclosed yesterday that its Trust had surpassed the R500-million mark ($26.86 million) in payouts to eligible employees after the fifth distribution payment.
This initiative highlights the company’s commitment to its workforce. The trust, established to recognize employees’ role in driving growth and success, has fostered a loyal and engaged employee base. Since its inception, it has distributed over R500 million ($26.86 million) to more than 122,000 employees and their families, delivering tangible financial benefits.
Partly owned by billionaire Christo Wiese, who holds an 11.63 percent stake, Shoprite has thrived under his investment and focus on sustainability and responsible business practices. Beyond financial rewards, Shoprite strengthens its South African presence by offering over 1,500 products for R10 ($0.54) or less, ensuring affordability for its 29 million customers.
Shoprite underscores social responsibility push
Furthermore, the company has demonstrated its commitment to social responsibility by creating 8,131 new jobs in the last financial year, training 6,250 youths for careers in retail, and participating in initiatives like the YES program. Additionally, it has funded the studies of 200 tertiary students through a bursary program and serves 273,264 meals daily to vulnerable communities through its CSI programs.
In terms of corporate transparency and environmental sustainability, Shoprite has attained an “A-” Leadership Level Rating from CDP (formerly Carbon Disclosure Project), a global environmental non-profit organization, solidifying its position as a leading retailer in South Africa. As Shoprite continues to prioritize the welfare of its employees and uphold its commitment to sustainable practices, its trajectory as a leader in the retail sector remains promising under the stewardship of Christo Wiese.
