Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
you are here: HomeNewsBusiness

Ikea pays out 110 million euros in Covid bonuses

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.

October 29, 2021 / 06:35 PM IST
IKEA Mumbai store

IKEA Mumbai store

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.

ALSO READ: Livspace ties up with Alsulaiman Group to invest $50 million in Middle East foray

"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.