Canada's TD Bank to offer salary hikes, one-time cash rewards to employees

A Toronto-Dominion Bank (TD) sign is seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie

April 13 (Reuters) - TD Bank Group (TD.TO) will offer eligible employees a 3% increase to their base pay or a one-time 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 pandemic-driven 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 commission-like 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 one-time cash award, Masrani said.

Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli

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