Swedish based furniture retailer, IKEA announced the launch of TACK program for its Indian co-workers. As a part of TACK program, the Indian employees will be liable for an additional pension of Rs. 1.50 lakh this year.
Anna Carin Mansson, IKEA India Country HR Manager, was quoted in media saying, “Our co-workers should be aware of how much we value their experience and commitment and I am proud that IKEA Group in India will give an added Rs. 1.50 lakh each to our co-workers’ pensions this year.”
About TACK Program:
Tack which means “Thank you” in Swedish, is a recognition program of IKEA which aims to reward everyone who has been with IKEA for over five years with an annual contribution to their retirement plans.
Tack was launched in December 2013 for all 136,000 co-workers in 26 countries. The program starts with an initial IKEA Group global funding of US $137 million, i.e., Rs. 13.7 crores. This year, IKEA will reward a total of £96 million, i.e., Rs700 crore to the global co-worker's pension funding.
Tack program covers both full times as well as part-time employees. All full-time co-workers will take the same amount, regardless of their department, their rank or salary. Part-time workers will get a proportional amount dependent on their hours.
Tack program was launched after a few months of the announcement of IKEA One Bonus Program which is a performance driven bonus system based on the individual salary level. Employees get a yearly bonus if local targets are met.
IKEA Recruitment Plans:
The Swedish home furnishing retailer also announced that it also plans to hire around 15,000 co-workers in India by 2025, of which 50 percent would be women.
IKEA was mentioned in media sharing, “IKEA currently has close to 400 co-workers in India and plans to have 15,000 co-workers by 2025, of which 50% will be women. The company is hiring 500-700 co-workers for each of its four stores that will open in Hyderabad, Mumbai, Bengaluru and Delhi-NCR cities.”