Canadian banks end extra pandemic pay as infections ease

Economy

By Rod Nickel

WINNIPEG, Manitoba (Reuters) – Most of Canada’s biggest banks are ending their extra payments to employees who continued working in public during COVID-19 pandemic lockdowns, as the country’s daily infection tallies decline.

The banks’ moves follow grocery chains Metro Inc (TO:), Loblaw Companies (TO:) and Sobeys Inc in ending the additional work incentives, which were put in place when many other Canadian workers began working from home to limit their risk.

The rollback of extra temporary pay for grocery store employees prompted a Canadian parliamentary committee on Thursday to summon major retailers to explain their decisions. The chair of that committee, Liberal legislator Sherry Romanado, could not be reached on Saturday.

Canadian Imperial Bank of Commerce (TO:) ( CIBC ) will end its pay incentive, C$ 50 per day for workers required to work on site, on June 27, spokesman Tom Wallis said.

“As the economy and many businesses begin to re-open, we are also shifting to the next phase of how we operate,” he said.

CIBC will continue to offer employees up to 10 additional paid days off to deal with COVID-19-related matters, Wallis said.

The number of total COVID-19 infections in Canada surpassed 100,000 this week. Daily cases tallies have declined in many provinces, even as they reopen parts of their economies.

Toronto-Dominion Bank (TO:)’s incentive program, which pays workers at bank locations C$ 500 and an extra day off for each of April and May, is due to expire at the end of June, said spokeswoman Julie Bellissimo.

Royal Bank of Canada (TO:) will also end its special compensation program on June 30, said spokeswoman Elizabeth Lewis.

National Bank of Canada (TO:) ended its additional pay program earlier this month, spokeswoman Marie-Pierre Jodoin said.

Bank of Montreal (TO:) and Bank of Nova Scotia (TO:) could not be reached.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Economy News

Leave a Reply

Your email address will not be published. Required fields are marked *