|By Marketwired .||
|June 26, 2014 07:00 AM EDT||
CONSHOHOCKEN, PA--(Marketwired - June 26, 2014) - IKEA US announced today it will adopt a new minimum hourly wage structure for their US retail co-workers beginning January 1, 2015. The change will take the average minimum hourly wage in existing US stores (as of June 2014) to $10.76, a $1.59 or 17% increase, and $3.51 above the current federal minimum wage.* The increase will impact approximately 50% of IKEA US retail co-workers. The hourly wage will vary based on the cost of living in each IKEA US location. This is a departure from determining wages based on the local competitive situation and is centered on the needs of the co-worker.
"At IKEA, we are guided by our mission 'to create a better everyday life for the many people,' a vision that includes our co-workers, customers and the communities impacted by our business," said Rob Olson, IKEA US Acting President and CFO. "The transition to the new minimum hourly wage structure is not only the right thing to do, it makes good business sense. We are basing our wages on our co-workers and their needs, rather than what the local employment market dictates. Our focus is to ensure that IKEA is a great place to work by providing an environment that develops our co-workers and also meets our customers' expectations. All of this contributes to our business success."
The wage increase is based on the MIT Living Wage Calculator, which takes into consideration housing, food, medical and transportation costs plus annual taxes. The hourly wage will vary based on the cost of living in each IKEA US location.
All 38 existing US retail locations, as well as IKEA's three new locations which open before the end of 2015, will adopt the new structure. All IKEA US non-retail locations -- including five distribution centers, two service centers and a manufacturing facility -- have hourly wage jobs that are already paying minimum wages above the local living wage.
This increase is just the latest in a series of investments that IKEA has made in its co-workers. In the past year, IKEA US has introduced the TACK! loyalty program which makes contributions to a new retirement fund, and has increased the employer-matched contributions to the co-worker's 401(k) plan, as well as launched the new One IKEA Bonus program for all co-workers.
The new minimum hourly wage structure will be a significant investment but it will not increase IKEA prices. In fact, IKEA is committed to continuing to lower prices.
*The rate used is a single person with no children. Based on the MIT Living Wage calculator http://livingwage.mit.edu. Rate applies no matter what hours per week a co-worker works.
The IKEA vision is to create a better everyday life for the many people. Our business idea supports this vision by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them. There are currently 305 IKEA Group stores in 26 countries. There are 38 IKEA stores in the US. In FY 13, the IKEA Group had 135,000 co-workers, 684 million visitors to the stores and 1.3 billion visitors to IKEA.com. IKEA incorporates sustainability into day-to-day business and supports initiatives that benefit children and the environment.
For more information, visit IKEA-USA.com, facebook.com/IKEAUSA, @IKEAUSANews, @DesignByIKEA, http://pinterest.com/IKEAUSA/, www.youtube.com/IKEAUSA, www.theshare-space.com, www.theshare-space.com/en/Blog
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