'This is good, not like the US that keeps throwing away workers.'
Swedish retail giant Ikea took a unique approach by launching a €10 million social fund and a 30% discount for its staff in an effort to support workers struggling with the high cost of living.
Through the official statement of Ikea's retail franchise selector, Ingka Group, the social fund which is given as a one-off in cash will support the workers throughout the fiscal year until the end of August.
It is hoped to ease the burden of paying bills or housing costs for its employees who are forced to struggle with the rising cost of living.
In addition, employees are also eligible to receive a 30% discount on any food purchase in its store as well as on more than 2,000 energy-saving products such as water-saving faucets, light bulbs, sheets and essential appliances.
In an official statement, Ingka wants to support its staff in helping them live their lives during the rising cost of living while balancing the company's business needs.
So far Ingka has not clarified how many employees will receive the aid but Ikea is estimated to have 170,000 employees in 31 different markets.
