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BonusesLatest NewsRetailLiving WagePay settlements

Ikea announces 2024 pay rises

by Ashleigh Webber 4 Dec 2023
by Ashleigh Webber 4 Dec 2023 Alicia G. Monedero / Shutterstock.com
Alicia G. Monedero / Shutterstock.com

Ikea is set to award its salaried employees a 5% pay rise in 2024, as well as adopting the new recommended Living Wage rates for its hourly-paid staff.

It is set to invest almost an additional £10m in pay next year, the Swedish furniture retailer claimed.

Many employees are also set to receive an year-end bonus of at least a month’s pay through its “One Ikea” bonus scheme. The £25.6m bonus pot recognises employees’ important contribution to its strong business performance in 2023 despite challenging market conditions, Ikea said.

The Living Wage Foundation’s recommended 10% uplift for hourly paid staff, which takes pay to £13.15 per hour in London and £12 per hour outside of London, will be implemented in two 5% pay increases in 2024.

Last year, the retailer also introduced an ‘outer London’ rate for over 1,300 co-workers based in its Lakeside, Reading and Milton Keynes stores, which will increase from £11.45 per hour to £12.60 in 2024, exceeding Living Wage Foundation rates in these areas.

Darren Taylor, country people and culture manager for Ikea UK & Ireland said: “At Ikea, we’ve always been committed to caring for our co-workers, particularly during challenging times, which is why we’re announcing further investment to enhance their financial stability and security.

“Although we see inflation starting to ease, the cost-of-living continues to have a very real impact. We recognise that when our co-workers grow, so does Ikea, and our aim is to ensure that co-workers feel supported and valued through a variety of benefits that contribute to their financial, mental and physical wellbeing; supporting our vision to create a better everyday life for the many people.”

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Ashleigh Webber

Ashleigh is a former editor of OHW+ and former HR and wellbeing editor at Personnel Today. Ashleigh's areas of interest include employee health and wellbeing, equality and inclusion and skills development. She has hosted many webinars for Personnel Today, on topics including employee retention, financial wellbeing and menopause support.

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