Further investing in our team

We have an incredible team right across our bank that works together to deliver the best of CIBC to our clients. Our team is a differentiator for our bank, and is enabling us to help make our clients’ ambitions a reality and deliver growth.????

Today I am pleased to share that we are making additional investments that will further support our team’s financial wellbeing, help us attract and retain talent, and build on our reputation as an employer of choice.?

I’ve shared with our team today that for merit eligible employees we are:

• increasing base salary by 3% for all Level 1 – 6 employees, effective in July;
• increasing our minimum entry wage to $20 per hour in Canada and the US in local currency, effective in July; and,
• committing to further increasing our minimum entry wage in Canada and the US, making ongoing investments over the next three years to bring it to $25 per hour in local currency by the end of 2025.

These investments build on the steady, strategic targeted investments we have been making as we continue to ensure we pay competitively and recognize the contributions of our team, particularly at a time when the cost of living has been increasing.

At the same time, we’ve also been enhancing our health and wellbeing benefits to support our team, including increasing income replacement benefits during childcare leave, mental health services, gender affirmation care, fertility treatments and access to registered dieticians.

In addition, we also continue to invest in key programs that can add-up and support our team’s finances today, and for the future – through our employee share purchase plan, employee banking offer and a defined benefit pension which ensures that employees receive a secure, defined monthly income when they retire.

The wellbeing of our team members is a vital cornerstone of CIBC's purpose-led culture, and these investments reflect the important role every member of our team plays in bringing our purpose to life and supporting our clients and communities.

I want to thank our team for their continued dedication to our clients and our communities.

Victor