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CIBC Ramps Up Canada Banks’ Hunt for Staff With Wage Pledge

  • Move follows RBC’s C$200 million investment in its workers
  • BMO, Scotiabank have also raised wages for some employees
A Canadian Imperial Bank of Commerce branch in downtown Toronto.

A Canadian Imperial Bank of Commerce branch in downtown Toronto.

Photographer: Annie Sakkab/Bloomberg
Updated on

Canadian Imperial Bank of Commerce is boosting its minimum wage and pledging to push it even higher in the next few years as tight labor markets force banks into fierce competition for workers.   

The lender’s minimum wage will rise to C$20 per hour in Canada and $20 in the US in July, and the bank is committing to raise those figures to C$25 and $25 by the end of 2025, according to a statement from Chief Executive Officer Victor Dodig on Thursday. The bank is also providing a 3% raise for workers in the six lowest levels of its pay scale next month.