Politics

Ikea Announces Second Minimum Wage Hike

| by Sean Kelly

One year after announcing a significant minimum wage hike for its U.S. stores, Ikea said on Wednesday that it plans to implement another hike that would bring the starting pay to nearly $12 per hour.

The Swedish retailer announced a raise last year, bringing their minimum wage to $10.76 from $9.17, a 17.3 percent jump. Exactly one year later, the new hike to $11.87 marks a 10 percent increase and $4.62 above the current federal minimum wage.

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Rob Olson, Ikea’s chief financial officer in the United States, said that last year’s raise was a major success — resulting in a reduce in turnover by five percent and an increase in qualified job seekers. The company also opened two new locations — in Miriam, Kansas, and Miami, Florida.

“At both of those stores, the applicant pool was fantastic,” Olson said. “We're very pleased so far.”

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Sources: Huffington Post, Time

Photo Credit: WikiCommons, Seth Werkheiser/Flickr