Possible pay boost this year amid tight labour market: experts [Business News Network (BNN) (Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Business News Network
RBC economist Claire Fan says given the current labour environment, "wage gains might still accelerate." "Elevated demand for workers is firmly bumping up against limited supply and companies will need to do what they can to compete in an extremely competitive environment. And that includes raising wages," she said. The latest Canadian jobs report revealed wage gains for permanent workers reached 4.5 per cent in May. When soaring consumer prices are factored in, those gains don't mean all that much, but it is a departure from the wage stagnation Canada has faced. Canada's big banks are some of the companies announcing increases to employee pay in recent months. Canadian Imperial Bank of Commerce is one of the latest ones to do so. 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. The bank
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