Canada: Banks end extra pay as businesses open after decline in COVID-19 cases

Days after Canadian Prime Minister Justin Trudeau announced the extension of Canada Emergency Response Benefit (CERB), most of the country’s biggest lenders have decided to end the extra payments to employees who continued to work in public during the COVID-19 lockdowns. Canadian Imperial Bank of Commerce (CIBC) spokesperson said that the bank will end its pay incentive on June 27.

CIBC spokesperson Tom Wallis reportedly said that the bank is shifting to the next phase as the economy and many businesses begin to re-open. Workers were being paid C$50 per day to work on-site which will seize from June 27 but the bank will continue to offer employees up to 10 additional paid days off to deal with coronavirus-related issues, the spokesperson said.

Extension of CERB

On June 16, Trudeau had announced the extension of CERB by eight weeks to ensure Canadians have the help they need as they transition back to work. Prime Minister’s Office said in a statement that more Canadians are returning to work, but many people still face challenges due to COVID-19. 

“As we begin to take steps to safely restart our economy, we will continue to support Canadians to protect their health and economic well-being,” the statement read.

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Canada has reported over 100,000 confirmed cases of coronavirus so far with around 8,400 deaths related to it. The North American nation has continuously been witnessing a decline in the rate of daily cases, allowing the businesses to reopen again. 

However, the World Health Organisation (WHO) chief Tedros Adhanom Ghebreyesus has warned of a "new and dangerous phase" of the pandemic. During a media briefing on June 19, the WHO Director-General said that the pandemic still poses a major threat even countries are eager to open up their societies and economies. 

“But the virus is still spreading fast, it’s still deadly & most people are still susceptible," said the top WHO official.

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