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Ikea to boost average minimum wage in U.S.

Swedish furniture retailer Ikea will boost average minimum wage for its U.S. retail employees by 17 percent to $10.76 per hour, the company announced Thursday.

The company says it will determine wages for each of Ikea’s 38 retail locations in the U.S. using the Massachusetts Institute of Technology’s Living Wage Calculator, which calculates the wages needed to afford basic goods like food, housing and transportation.

“We wanted to be less concerned about the competition and more concerned about offering our co-workers a better everyday life,” said Ikea’s acting U.S. president, Rob Olson.

The changes will take effect starting Jan. 1, 2015.

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