IKEA Group thanks its co-workers with a $111 million total contribution into the Tack! retirement fund
(Conshohocken, PA- December 4, 2014) IKEA Group announced today that in its second year of contributions to the Tack! retirement fund - the IKEA Group loyalty program - $111 million total will be allocated into retirement funds of co-workers around the world.
“This is our second year for our IKEA Tack! Retirement program. Tack, the Swedish word for ‘thank you’, is a way to show appreciation to each IKEA co-worker for contributing to the growth of the company,” commented Lars Petersson, IKEA U.S. President. “I’m happy to announce that all full-time IKEA U.S. co-workers will receive a contribution of $1,182* into their Tack! Retirement funds.”
The Tack! allocation, part of a unique loyalty program inspired by its Founder Ingvar Kamprad, is an extra payout to co-workers in addition to their existing retirement accounts. Since Tack! was introduced two years ago, a total of $359 million has been allocated to the program. The global funding is divided between all IKEA Group countries, based on each country’s proportion of the total salary and wages. The loyalty program benefits some 128,000 co-workers in 43 countries.
“Every co-worker is important for our success and continued growth. This is why every full-time IKEA Group co-worker - in every IKEA location - 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 also receive a Tack! contribution which is a proportional amount in relation to hours worked,” stated Petersson.
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%.
IKEA U.S. has recently been recognized as a great place to work on the Great Place to Work® and Fortune 20 Best Workplaces Retail list. Additionally, IKEA received the number three spot on the CareerBliss “Happiest Retailers to Work For” list and was also recently recognized by the Human Rights Campaign (HRC) Foundation with a 100%, perfect score on the 2016 Corporate Equality Index (CEI).
*Plus an additional $140 in ‘re-allocation’ from co-workers who left IKEA before working three full years. Total is $1,322.
**All full-time co-workers within a country will receive the same amount regardless of unit, position, or salary level. Part-time co-workers will receive a proportional amount in relation to hours worked. Global goals need to be met first for Tack! contributions. The annual funding is divided between all IKEA Group countries, based on each country’s proportion of the total salary and wages. Eligibility for Tack! is based on an IKEA co-worker being actively employed with IKEA for a full fiscal year (September 1-August 31). Money is vested after working three full years and available at retirement age (59 ½.) If a co-worker leaves before working three full fiscal years in a row, the money in their Tack! fund will be removed and re-allocated to other eligible co-workers.
For further information, please contact:
Mona Astra Liss, US Corporate PR Director,
Mona.Liss@IKEA.com, 610.834.0180, ext. 5852
About IKEA Group
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 328 IKEA Group stores in 28 countries. Additionally, there are 40 IKEA stores run by franchises. There are 41 IKEA stores in the U.S. In FY 15, IKEA Group had 771 million visitors to the stores and 1.9 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, please visit www.IKEA.com, facebook.com/IKEAUSA, @IKEAUSANews, @IKEAUSA, http://pinterest.com/IKEAUSA/, www.youtube.com/IKEAUSA, www.theshare-space.com, www.theshare-space.com/en/Blog