IKEA contributes $2530 into every US full time co-worker’s Tack Retirement Fund – And also gives an UP™ Activity-Tracking Wristband
Conshohocken, PA, 2014-12-4 — /EPR Retail News/ — Over 14,000 IKEA co-workers found out this week that IKEA is thanking them twice this holiday season. For full time co-workers, a $2530* contribution has been made into their Tack retirement fund, and additionally each co-worker received an UP™ Activity-Tracking Wristband. It’s a double holiday surprise; one for a healthier today and the other for a better prepared tomorrow.
“We are now celebrating the first annual Tack allocation to our co-workers’ retirement fund. Tack – was inspired by founder, Ingvar Kamprad, who wanted to share the success of the IKEA Group with all IKEA co-workers. We believe that no matter what position our co-workers might have, each and every one is important and contributes to our continued growth,” commented Rob Olson, acting IKEA President and CFO. “And the Up activity-tracking wristband was our US thank you gift to help co-workers be fit today for a healthy tomorrow,” added Olson.
Last December, IKEA announced they were creating a new program called ‘Tack’ – Swedish for “thank you.” This program is designed to show appreciation and gratitude for co-workers’ loyalty and contribution to the success of IKEA with an annual contribution to an individual retirement plan – assuming that pre-agreed global targets are reached.
Tack started with an initial funding from the IKEA Group of $124 million ** (€100 million). For FY 14, the IKEA Group also invested an additional $124 million, which brings the current investment total to $248 million (€ 200 million).
Tack and the performance driven One IKEA Bonus program cover all IKEA Group co-workers. Together with the base salary, they form a strong compensation offer. In addition to Tack, IKEA offers an employer-matched contribution to a 401(k) plan; IKEA matches 100% of the first 4% of co-workers’ salary contributed, and 50% of the next 2%. And in January, IKEA US will implement a new minimum hourly wage structure, which will result in hourly increases for over 50 % of IKEA US co-workers.
The UP™ activity-tracking wristband is a system, wristband, and iPhone® app that tracks how you sleep, move and eat so you can know yourself better, make smarter choices, and feel your best. IKEA US has also gifted its coworkers in the past holiday seasons with a new bike, soda stream and other gifts throughout the years.
*The total Tack! funding is divided between all IKEA Group countries, based on each country’s proportion of the total salary and wages. For each completed full financial year of employment, an individual amount will be set aside for each co-worker as an allocation. After the completion of three consecutive financial years of employment the co-worker is qualified to receive the allocations as a contribution to the pension plan.
** Euro to dollar conversion 12/2 = $1.24 to euro
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. The IKEA Group currently has 315 stores in 27 countries. There are 40 IKEA stores in the United States. In FY14, the IKEA Group had 716 million visitors to the stores and 1.5 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, @IKEAUSA, http://pinterest.com/IKEAUSA/, www.youtube.com/IKEAUSA, www.theshare-space.com, www.theshare-space.com/en/Blog
Contact: Mona Astra Liss ~ IKEA US Corporate PR Director
Mona.Liss@IKEA.com ~ 610.834.0180, ext. 5852