One of the hundreds of companies operating a revenue-approved share scheme in the Republic is grocery group, Musgrave.

The company, which employs 9,000 staff, established its first share plan in 1987 and is currently in the middle of a fourth scheme which is offering 1.5 million free shares to staff.

The market value of the shares on offer has been fixed at €3.20 each, with stock awarded in direct proportion to employees' salaries. In order to take part, a worker must have been with the company for at least three years. Last year, the average employee who was eligible for the scheme was awarded 292 shares.

Musgrave has succeeded in creating an internal market for the shares through the creation of a trust which can repurchase shares awarded to staff at the Revenue-approved valuation. The shares can then be redistributed among existing or new employees as part of a share scheme.