IKEA Canada Compensates Employees for their Contribution to Success
04 Dec, 2014, 10:12 ET
Every full time IKEA Canada employee to receive $2791 into retirement fund
BURLINGTON, ON, Dec. 4, 2014 /CNW/ - Today, the IKEA Group has announced that €100 million has been paid out as part of the 2014 "Tack!" employee retirement savings program. The "Tack!" program which means "Thank You" in Swedish, pays all eligible employees around the world the same proportional amount in relation to hours worked, regardless of unit, position or salary level.
"It is our ambition to be the employer of choice in Canada. To accomplish this we are committed to providing wages and benefits that exceed industry standards." says Stefan Sjöstrand, President of IKEA Canada. "The "Tack!" program, which augments this, is inspired by Ingvar Kamprad's wish to share the success of the IKEA Group with its employees."
When "Tack!" was launched a year ago, a one-time initial funding of €100 million was made to start off the program, which brings the current total to €200 million.
"'Tack!' and the performance driven 'One IKEA Bonus', which also covers all IKEA Group employees, together with generous base salaries, forms a strong compensation offer. We believe that these two programs will strengthen the IKEA Group as a great place to work today and in the future" Sjöstrand says.
The "Tack!" total 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 employee as an allocation. After the completion of three consecutive financial years of employment (plus a two year vesting period), the employee begins to receive the allocations as a contribution to a pension plan. In Canada, the allocation will be deposited into a Deferred Profit Sharing plan, which complements IKEA Canada's RRSP program. Every full time IKEA Canada employee will receive $2791 from the 2014 "Tack!" program.
About IKEA Canada
IKEA is a leading home furnishings retailer with 342 stores in 42 countries worldwide, which are visited by 776 million people every year. IKEA Canada has 12 stores which are visited by over 25 million people every year. Last year the IKEA.com websites attracted 1.5 billion visitors. Founded in 1943, IKEA's business philosophy is to offer a wide range of products of good design and function at prices so low, the majority of people can afford them. For more information on IKEA, please visit: www.IKEA.ca.
SOURCE: IKEA Canada
For further information: Madeleine Löwenborg-Frick, Public Relations Manager, IKEA Canada, [email protected], 905-637-9440 x6378
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