The Bank of Canada paid out $26.7 million in raises and bonuses to staff during 2022.
According to documents obtained by the Canadian Taxpayers Federation through an “Access to Information” request, employees at Canada's central bank received $20.2 million in bonuses and $6.5 million in raises in 2022, a 13% increase from 2021.
More than 80% of staff at the bank received a bonus or raise last year. The Bank of Canada’s bonuses workout to an average $11,000 per person. The average pay raise was about $3,400.
The documents obtained by the Canadian Taxpayers Federation also show that the number of Bank of Canada employees making over $100,000 a year more than doubled between 2015 and 2022.
Today, 1,095 of the Bank of Canada’s 2,250 employees (49% of staff) earn a six-figure salary, up 13% from 2021 levels.
To lower inflation, the Bank of Canada has aggressively raised interest rates over the past 18 months. On July 12, the central bank’s benchmark interest rate hit 5%, a 22-year high.
The Canadian Taxpayers Federation is a non-profit taxpayer advocacy group that promotes lower taxation and fiscal prudence.
The Bank of Canada is funded though public money or Canadian tax dollars.
