Careers

Compensation plan

The Bank's total compensation program is competitive, performance-based, and flexible. Key elements of the program include a base salary, performance pay, flexible benefits, and a pension plan. The Bank regularly reviews the program to ensure that it remains competitive.¹

Performance-based compensation

Employees are paid a base salary within defined salary scales. The level of pay is determined by how fully an employee's education, experience, and qualifications meet a job's requirements.

Each year, performance is assessed according to pre-established objectives. Based on performance, employees are eligible for movement within the defined salary scales and for performance payments. Strong performers are rewarded with higher performance payments.

Flexible benefits program

The Bank provides employees and their eligible dependants with a flexible benefits program. This program allows employees to choose the coverage level they need while maximizing tax-effectiveness. Benefit entitlements vary, depending on employment classification, length of service at the Bank, and job level.

Eligible employees receive core benefits at no cost to them. These include: vacation, sick leave, short-term disability, basic long-term disability, and basic life insurance. In addition, employees receive an allotment of benefit dollars, allowing them to purchase a higher level of coverage or optional benefits as desired.

Pension plan

The Bank offers an attractive pension plan. The plan was recently reviewed to ensure that it remains competitive, aligned with the changing needs of the workforce, and consistent with principles of sound and stable long-run cost management. The fully indexed defined pension benefit is based on a formula: 2 per cent per year of service integrated with the Canada/Quebec Pension Plan, based on the average earnings of the five highest-paid consecutive years of service.

In April 2005, the Bank introduced an opt-out provision to allow new regular employees to delay enrolment in the Plan for up to five years. In February of 2010, the qualifying age for an unreduced pension was adjusted to 65, or 60 with 30 years of service, for all new employees hired after January 2012. As a result, new employee contributions to the plan will be lower.

In addition to the Pension Plan, employees have access to post-retirement benefits.