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RBC is hiking base salaries of some employees by 3% as cost of living soars

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Royal Bank of Canada on Monday unveiled a slew of employee benefits including a three per cent mid-year increase in the base salary of some staff to ease the pressure from a jump in living costs.

The move by the country’s biggest bank comes at a time when the sector has embarked on a hiring spree to boost digital capabilities despite a tight labor market and rising inflation.

Read more: Bank of Canada hiked interest rates to ‘forcefully’ tame inflation. Will it work?

RBC employees in grades nine through 12 will be eligible for the salary increase that will take effect from July, Chief Executive Officer Dave McKay said in a statement.

The bank will also enhance family benefits for fertility, surrogacy and adoption services in Canada and increase its contributions to employee pension plans over two years from 2023, it said.

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The moves total up to C$200 million ($154.76 million) in investments, RBC said.

($1 = 1.2923 Canadian dollars) (Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni)

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