The Bank of Canada (BoC) gave out almost $27 million in raises and bonuses in 2022, even though they admitted to making mistakes in their predictions..According to Blacklock’s Reporter, information obtained by the Canadian Taxpayers Federation (CTF) through Access to Information revealed that almost half of the Bank of Canada's staff now earn over $100,000 annually..“Bonuses are for people who do a good job, not people who fail at their one and only job,” said Franco Terrazzano, federal director of the CTF, in a statement. .“Most organizations don’t shower employees with bonuses when they have their worst year.”.There are 2,250 employees at the BoC, with 1,095 or 49% considered “sunshine list” staffers because they earn six-figure salaries. .The BoC Governor, Tiff Macklem, receives a yearly salary of $544,000..According to the information, the BoC gave out $20.2 million in bonuses to 1,805 employees. Each employee received bonuses that were more than $11,000..Documents also showed the BoC awarded an additional $6.5 million in raises last year to 1,884 employees. Raises were equivalent to $3,400 each. Costs of raises and bonuses totalled $26,730,931..“We have done our best,” Gov. Macklem earlier told reporters. .Macklem admitted that the BoC made many “errors” by repeatedly telling Canadians that inflation and interest rates would stay low..Macklem and the previous governor, Stephen Poloz, made public statements to reassure the public:.“If there is an unexpected rise in inflation, and I don’t anticipate that is going to happen, we have all the tools” (June 16, 2020)“Interest rates are going to be low for an extended period of time” (July 15, 2020)“Inflation will stay low” (Nov. 17, 2020)“Inflation is projected to remain less than 2% into 2023” (Nov. 26, 2020)“We anticipate inflation will rise further to around the top of our 1% to 3% inflation control target” (April 27, 2021)“The inflation we’re observing right now is very likely to be transitory” (May 18, 2021).“Did we get everything right? No,” Macklem testified at an April 25, 2022, hearing of the Commons finance committee..“We have been surprised in particular by the persistent and the pervasiveness of the supply constraints. Inflation now is too high.”.“We got some things wrong,” said Macklem. .“We recognize everyone wants to know where interest rates might end up. How high are they going to go? It’s important to remember we have an inflation target, not an interest rate target.”
