More pay boosts possible this year amid tight labour market, inflation, economists say

Like its rivals, CIBC is gearing up to raise its base salary by three per cent come July. It is targeting workers in the first six levels of the bank, primarily those who regularly interact with clients face-to-face or through technology.“They are the ones that feel the greatest impact from inflation,” CIBC CEO Victor Dodig said in an interview.

Stephanie Ross, director of labour studies at McMaster University believes wage increases are “inevitable” in the current climate. Wage increases is one of the variables the central bank is watching as it decides how much it is going to raise interest rates next month and beyond. If inflation manages to come back closer to the Bank of Canada’s two per cent target, that’s where Fan expects wage growth to eventually trend to.

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