CIBC is the latest bank to announce wage increases to attract and retain employees in a tight market.
Posted yesterday at 4:14 p.m.
In an internal memo, CIBC chief executive Victor Dodig said base pay would be increased by 3% for the first six levels of employees starting in July.
It will also raise its minimum entry wage from $17 to $20 per hour, both in Canada and the United States in local currency, and has pledged to raise it to $25 by 2025.
Mr. Dodig said in the memo that the pay increase would “further support the financial well-being of our team, help us attract and retain talent, and strengthen our reputation as an employer of choice.”
In mid-May, Royal Bank announced a 3% base salary increase for its employees in levels 9 through 12, effective July 1.er July, and pledged to take into account market forces and the rising cost of living when setting base salaries at the end of the year.
TD Bank announced in April that it was giving a 3% pay rise to the majority of its employees.