THE recent slump in Tesco's performance is set to hurt more than 50,000 workers who signed up to a share-saving scheme.

They are expected to pocket far less than previously hoped after a dire Christmas trading performance and profits warning saw nearly £5bn wiped off the supermarket giant’s share price in a single day.

Tesco said staff were disappointed that the scheme is not set to make the same kind of returns as previous years, but pointed out that none will lose money and can instead chose a cash bonus worth up to £275.

But if shares had stayed at the levels seen before last week’s slump, the 54,000 staff would have been set to make gains of up to £762.

Tesco has now told staff that have already opted to take their payment in shares that they can still change their minds and accept a cash bonus also available under the scheme.

The scheme allowed staff to save up to £50 a month for three or five years and then buy shares at a pre-agreed price, which had been profitable but share prices are now at a three-year low.