Ikea gives 108 million euro in pension fund; Rs 1.4 lakh each in India

Swedish furniture retailing giant Ikea has decided to give 108 million euro (Rs 784.28 crore) to its co-workers globally, including India, for their pension fundings, loyalty and contribution for this year.

New Delhi, Dec 5: Swedish furniture retailing giant Ikea has decided to give 108 million euro (Rs 784.28 crore) to its co-workers globally, including India, for their pension fundings, loyalty and contribution for this year. Ikea which has around 300 co-workers in India, would pay Rs 1,40,219 each in pension fund. The company said it a statement that continuing its tradition, Ikea which follows September-August fiscal year, would pay its 1.85 lakhs workers globally for 2016 under its Ikea Group loyalty programme Tack! Ikea India Country HR Manager Anna-Carin Mansson said: “We do this through Tack! And I am happy to announce that this year’s payout will give our co-workers at Ikea Group in India a Rs 1,40,219 each in their pension fund for this year.”

He added: “We value our co-workers who are our most valuable assets. Happy co-workers can lead to bigger successes especially in India where there is so much talent.” Ikea, which is going to open its first store in India 2017, has around 300 co-workers and will grow to over 1,500 in a year and 14,000 by 2025. “In India today we have around 300 co-workers, which will grow to 1,500 plus co-workers in a year and 14,000 by 2025,” Mansson said.

As part of its loyalty programme, Ikea Group co-workers annually receive an extra pay-out in addition to existing pensions, according to the same fair and simple principle. Every full-time Ikea Group co-worker in India who has worked for Ikea for five years or more, receives the same amount regardless of their position or salary level. Part-time co-workers will receive a proportional amount in relation to hours worked. “Tack is the Swedish way to say thank you and every co-worker is important for our success and continued growth. This is why all co-workers in Ikea Group are included in Tack! according to the same fair and simple principles,” said Mansson.

Since Financial year 2014, 413 million euro has been allocated to the TACK! programme. “The global funding is divided between all Ikea Group countries, based on each country?s proportion of the total salary and wages. A pre-requisite for a funding of the programme is that Ikea Group reaches its goal results,” the company said.