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 regions. To that end, hourly paid co-workers in London will receive the new rate of £13.15, and £12.00 for employees throughout the rest of the UK. The £25.6 million bonus pot recognises co-workers' important contribution to Ikea’s strong business performance in FY23, despite challenging market conditions.Īs the largest accredited Living Wage Foundation retailer, Ikea has pledged to meet the new Real Living Wage (RLW) - a voluntary rate paid by employers who choose to go beyond the government recommended National Living Wage (NLW). Through the One Ikea Bonus programme, eligible co-workers across the UK will receive a year end bonus of at least a month’s pay in time for Christmas. In line with its commitment to offer a fair and sustainable rate of pay, hourly paid co-workers will receive a 10% increase in 2024, with salaried co-workers receiving a rise of 5% on average together representing an investment of almost £10 million. Ikea is investing over £35 million in the financial wellbeing of its co-workers across the UK through a combination of pay increases that it says reflect the true cost-of-living, as well as year end bonuses based on the retailer’s FY23 performance.

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