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Ikea launches $10M social fund for workers

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November 23, 2022

Ikea is launching a $10 million social fund, as well as offering bigger staff discounts, to support workers dealing with higher living costs.

The fund, according to a Reuters report, would help the "most cash-strapped" employees throughout its current fiscal year through August 2023. The fund support would be available in all of Ingka Group's 31 markets. Ingka Group is the parent company of Ikea.

"Each Ingka Group [operating Ikeas] country will give support to co-workers who may need 'one-off' financial assistance to, for example, pay electricity bills or for housing costs," Ikea said in a statement.

Ikea employs about 170,000 workers. It will also double staff discounts from 15% to 30% in its food markets as well as a range of products.

"The cost-of-living crisis is hitting many people hard. Some more than others," Ikea said in the statement. "We want to be able to support co-workers through this time, while balancing the needs of our business, always guided by our values."