Ikea Group, the world's largest furniture seller, will boost the average minimum hourly wage for workers at its U.S. stores to $10.76 as retailers and fast-food chains face criticism for not paying enough, Bloomberg reported. The 17 percent increase begins Jan. 1 and will benefit about half of the Swedish company's U.S. retail workers, according to Ikea. The wage will vary based on the cost of living in Ikea's 38 locations and will be based on the Massachusetts Institute of Technology Living Wage Calculator. President Barack Obama wants to increase the federal minimum wage to $10.10 an hour from $7.25, saying the move would bolster the economy and reduce income inequality.