Ikea parent launches fund to help employees cope with higher living costs

Ikea parent launches fund to help employees cope with higher living costs

Ingka Group has created a $10 million social fund to help its employees who may need financial assistance due to increases in the cost of living.

The company, which operates more than 390 Ikea stores across 32 markets,  said the fund is designed to help employees throughout its fiscal year to the end of August. It support co-workers in all of Ingka’s global markets who may need “one-off” financial aid to, for example, pay electricity bills or for housing costs.

“We find ourselves in yet another reality, triggered by the energy crisis and inflation,” said Ingka Group people and culture manager Ulrika Biesèrt.

She added that the cost-of-living “crisis” is hitting many people hard, some more than others.

“We want to be able to support co-workers through this time, while balancing the needs of our business, always guided by our values,” added Biesèrt.

In addition, the company is doubling employee discounts to 30% for food purchased in its in-store food markets and on more than 2,000 home energy-saving products.

“In addition to doubling the discount for staples like plant balls, fish and seafood and potatoes in the Swedish Food Markets, we’re also focusing on products useful in saving energy, water and food waste, like water saving taps, light bulbs, bedspreads and appliances,” said Tolga Öncü, retail operations manager, Ingka Group Retail.