It\u0027s the second pay raise for BMO employees in under a year, with the bank pledging another increase by 2025. Read more here
The increase from US$18 an hour takes effect Aug. 7, the Toronto-based bank said in a statement Monday. The boost applies to current full- and part-time workers as well as new hires.
Financial institutions are increasing pay for frontline workers to attract and retain staff as labour markets in Canada and the U.S. hover near historically tight levels. U.S. employers added more jobs in June than forecast, and the unemployment rate held near a five-year low. In October, Bank of Montreal raised its U.S. workers’ minimum hourly base pay 20 per cent to US$18 an hour. The company also raised base pay for a majority of its workers — including those affected by the latest increase — by three per cent in June.
Bank of Montreal “continues to monitor and will adjust compensation accordingly to align with the shifting banking market,” it said in Monday’s statement.Article content
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