Furniture retailer IKEA plans to boost the minimum wage it pays its workers in the U.S.
IKEA currently pays a minimum wage of $9.17 per hour to workers in the 38 stores it operates in the U.S, substantially higher than the federal minimum wage of $7.25 per hour. IKEA will raise its minimum wage to $10.76 an hour, USA TODAY notes.
An IKEA executive says the retailer is hiking its minimum wage because it wants to “create a better everyday life for our coworkers.”
While it is increasing the minimum wage for its employees, IKEA does not plan to hike the prices it charges customers. The privately-held retailer also says it won’t trim its workforce or slow new employee recruitment to offset the higher costs.
More Minimum Wage News:
- Vermont Is Raising Minimum Wage to $10.50
- Chicago Group Proposes $15 Minimum Wage
- Michigan Minimum Wage to Hit $9.25 by 2018
- Swiss Voters Reject $25 Hourly Minimum Wage
- Mitt Romney Supports Minimum Wage Increase
Want to share your own views on money and politics? Drop us a line at email@example.com and we might reprint your views in our InvestorPolitics blog! Please include your name, city and state of residence. All letters submitted to this address will be considered for publication.