Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Ikea Pays Out $128 Million In COVID-19 Bonuses To Employees Worldwide

Ikea Pays Out $128 Million In COVID-19 Bonuses To Employees Worldwide

The holding company that controls the majority of Ikea's stores, Ingka, said the bonuses would be paid to employees across all markets and vary depending on salaries.
Ikea will pay a total of 110 million euros ($128 million) in bonuses to employees worldwide as reward for their work during the pandemic, Ingka Group, the company that operates most Ikea's stores, said Friday.

The group said the coronavirus crisis forced it to move much of its brick-and-mortar business online, even as sales remained robust with more people in lockdown buying furniture and housewares.

"The pandemic put us into a situation that I think none of us really were prepared for," Ulrika Biesert, a manager at IKEA Retail, told AFP.

"We went from mostly being an offline business to an online business within two weeks."

The holding company that controls the majority of Ikea's stores, Ingka, said the bonuses would be paid to employees across all markets and vary depending on salaries.

It would be added to the general annual bonuses employees receive based on the company's annual performance.

Biesert said the bonus was a thank you to employees for "redirecting our business to try to serve the customer in the absolutely best way".

Ingka has weathered the Covid-19 crisis relatively well, despite a drop in profits for its September 2019 to August 2020 financial year.

The negative impact of lockdowns was largely offset by additional consumer spending on home furnishing, according to Ingka.

For its latest financial year to August 2021, the group announced a six-percent boost in revenue, driven largely by online shopping.

Throughout the year, the franchise said, it has seen "higher demand for workplace furniture, outdoor furniture and storage solutions", as a result of the pandemic and the rise in remote work.

Ingka, which is due to publish more detailed results on November 30, however expects to suffer shortages due to supply issues until 2022.

It operates 389 Ikea stores in 32 markets around the world and employs more than 1,70,000 people.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×