TD Bank Group will offer eligible employees a 3 increase to their base pay or a onetime cash reward effective July 1, Chief Executive Officer Bharat Masrani said in an internal memo on Wednesday.
The move comes as the latest in a series of salary hikes by top banks, as they rush to retain workers amid pandemicdriven pressures and a tight labor market.
TD Bank said the raise would apply to all global employees between level 1 and 12, as well as associate vice presidents and district vice presidents.
Employees who receive commission or commissionlike payments, and those who participate in the TD Securities or TD Asset Management Performance Compensation Plan, at or below director level, will receive an alternative onetime cash award, Masrani said.
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