{"id":1565484,"date":"2022-07-22T06:00:11","date_gmt":"2022-07-22T10:00:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1565484"},"modified":"2022-07-22T06:19:23","modified_gmt":"2022-07-22T10:19:23","slug":"bank-of-canada-gives-out-45-million-in-raises-to-employees-after-failing-to-meet-inflation-target","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-canada-gives-out-45-million-in-raises-to-employees-after-failing-to-meet-inflation-target\/","title":{"rendered":"Bank of Canada Gives Out $45 Million in Raises to Employees After Failing to Meet Inflation Target"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbank-of-canada-gives-out-45-million-in-raises-to-employees-after-failing-to-meet-inflation-target%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1565484&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<section data-v-f313b7e6=\"\">\n<p>The <a href=\"https:\/\/thepostmillennial.com\/half-of-canadians-in-financial-trouble-after-bank-of-canada-interest-rate-increase-poll\">Bank of Canada<\/a>&#8216;s <a href=\"https:\/\/www.bankofcanada.ca\/core-functions\/monetary-policy\/monetary-policy-framework-renewal\/\">mandate<\/a> states that its job is, among other things, to keep <a href=\"https:\/\/thepostmillennial.com\/canadian-food-suppliers-expect-inflation-to-cause-more-grocery-store-price-hikes\/\">inflation<\/a> around the 2 percent mark. Since 2020, however, the price of everything has <a href=\"https:\/\/thepostmillennial.com\/poilievre-pledges-pay-as-you-go-law-that-would-make-government-save-a-dollar-for-every-one-spent\/\">skyrocketed<\/a>, leaving Canadians struggling.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>Nonetheless, the Bank of Canada congratulated itself on a job well done, handing out $45 million in pay raises and bonuses to its employees in 2020 and 2021.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\"><\/section>\n<section data-v-f313b7e6=\"\">\n<p><a href=\"https:\/\/www.taxpayer.com\/newsroom\/bank-of-canada-hands-out-millions-in-pay-raises-and-bonuses-while-inflation-soars\">According<\/a> to the Canadian Taxpayer&#8217;s Federation, $5.3 million in <a href=\"https:\/\/www.taxpayer.com\/media\/BoC-Pay-Raises.pdf\">pay raises<\/a> was distributed amongst 1,728 BoC employees in 2020, with 1,857 receiving a combined $5.2 million the following year.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>In addition, <a href=\"https:\/\/www.taxpayer.com\/media\/BoC-Bonuses.pdf\">bonuses<\/a> were handed out to 1,632 employees in 2020, and 1,752 in 2021, totalling $16.2 and $18.4 million, respectively.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>Bonuses are, according to the BoC, only given when employees are found to be &#8220;successfully meeting or exceeding expectations.&#8221;<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>In 2020 and 2021, however, not many would describe Canada&#8217;s financial situation as &#8220;exceeding expectations.&#8221;<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>During that time, the BoC printed over $300 billion. Consumer prices rose substantially, with 2021 seeing nine consecutive months with increases higher than 3 percent. <\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>&#8220;We got some things wrong,&#8221; BoC Governor Tiff Macklem <a href=\"https:\/\/www.ourcommons.ca\/DocumentViewer\/en\/44-1\/FINA\/meeting-38\/evidence\">said<\/a> in 2022, with deputy governor Toni Gravelle adding that they &#8220;haven&#8217;t managed to keep inflation at our target.&#8221;<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>Federal Director of the CTF, Franco Terrazzano, <a href=\"https:\/\/www.taxpayer.com\/newsroom\/bank-of-canada-hands-out-millions-in-pay-raises-and-bonuses-while-inflation-soars\">slammed<\/a> the BoC for its decision to reward employees despite acknowledging less than satisfactory work.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>&#8220;Why is the Bank of Canada patting itself on the back and handing out millions in bonuses and pay raises while Canadians are struggling to pay for groceries and gas?&#8221; he said. &#8220;If its objective is to keep inflation low, then it doesn\u2019t make sense for Canada\u2019s central bank to hand out bonuses and pay raises while the cost of living soars.&#8221;<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>He called on the BoC to &#8220;reverse these pandemic pay hikes&#8221; and refuse to hand out pay raises or bonuses in 2022.<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Canada&#8217;s mandate states that its job is, among other things, to keep inflation around the 2 percent mark. Since 2020, however, the price of everything has<\/p>\n","protected":false},"author":1,"featured_media":1574973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1565484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1565484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1565484"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1565484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1574973"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1565484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1565484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1565484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}