The bank says in an internal memo from CEO Victor Dodig that it will be increasing by three per cent the base salary for the first six levels of employees starting in July.
It says it will also boost its minimum entry wage to $20 an hour from $17, both in Canada and the U.S. in local currency, and has committed to further raising it to $25 by 2025. Dodig says in the memo that the increase in pay will "further support our team's financial wellbeing, help us attract and retain talent, and build on our reputation as an employer of choice."
In mid-May, RBC announced a three per cent base salary boost for employees in its grade 9 through 12 positions starting July 1, and committed to taking into account market forces and the rising cost of living when setting base salaries at year end.This report by The Canadian Press was first published June 9, 2022.
Long overdue
Maybe some of them will answer the phone.
Finally -historically,banks have typically paid low b/c they employed mostly women.
so no more interns? getting rid of clerks and replacing them with grads doing data entry for zero pay? wow
CIBC raising garbage wages to the low end in a hyper inflationary market. Meaning the CIBC employee will continue to be earn slave wages in Canada’s dire economic reality. There isn’t anything to brag about and if Victor Dodig had anything to brag about he would pay 150% more.
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