VCIM is very active in encouraging companies to adopt a Living Wage policy. In 2015, we asked four major banks – Scotiabank, RBC, TD and CIBC – to assess their compensation practices and review the feasibility of adopting a Living Wage. In 2016, VCIM filed similar requests with Manulife, Sun Life and BCE.
We found that Scotiabank, RBC, TD and CIBC either met the Living Wage threshold or committed to addressing deficiencies. However, none committed to becoming certified Living Wage employers.
Manulife agreed to review its compensation practices and discuss the results with us. Sun Life completed a review and agreed to present the results to the company’s senior executive team to assess whether a Living Wage policy was feasible. BCE found that employees who over the past three years were below the Living Wage either moved into higher-paying roles or were making an hourly Living Wage on a part-time basis.