News Benefits & Pensions Compensation
CIBC latest bank to raise wages amid tight labour market, adds boost to minimum pay

CIBC is the latest bank to announce wage increases in an effort to attract and retain employees in a tight labour market.

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.

TD Bank said in April it was giving a three per cent wage increase to the majority of its employees.