Careers

A total compensation program

The Bank's total compensation program is designed to be competitive, internally equitable, 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.

Performance-based compensation

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

Each year, performance is assessed according to pre-established objectives. Based on performance, employees are either eligible for movement within the salary scale or for a lump-sum re-earnable performance payment. Strong performers are rewarded with accelerated progression or higher performance payments.

Flexible benefits program

The Bank provides employees and their eligible dependents 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 one of the best overall pension plans in Canada. The plan is currently under review to ensure that it remains competitive and meets the ever-changing needs of the Bank's workforce. The present fully indexed defined pension benefit is based on a formula: two 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 addition to the Pension Plan, the Bank provides comprehensive post-retirement benefits.