Ikea raises minimum wage for second year in a row

Ikea's U.S. division announced it will raise the minimum wage for employees for the second year in a row. The furniture chain is hoping to improve employee relations and reduce turnover through the gesture. In January, the retailer's minimum wage will increase to $11.87, which is $4.62 above the federal wage and a 10 percent increase from last year's average. The announcement comes in the wake of several other retailers making wage hikes including Walmart (NYSE:WMT), Target (NYSE:TGT) and Giant Food Stores. Story