Bonuses given to Bank of Canada employees as Canadians struggle with increased interest rates and inflation underscore how such pay structures are helping to increase income inequality in Canada, says one economist.
, economist David Macdonald of the Canadian Centre for Policy Alternatives said such pay for CEOs is leaving workers behind.
The bank is a Crown corporation and the federation argues that as Canadians struggle with 40-year high inflation and a barrage of increased interest rates the bank has set, handing out bonuses is inappropriate. The report said the average bonus for staff at the bank was $11,200, with 80 per cent of employees receiving one. Between 2015 and 2022 the number of employees at the bank making more than $100,000 increased from 487 to 1,095, according to documents the CTF obtained via an access-to-information request.
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