Fair compensation for employees translates to improved financial and overall well-being
Toronto, ON — Meridian maintains its commitment to providing a living wage for its employees by raising the rate it pays to over 400 full-time, part-time, casual and contract employees, in line with the increase recommended by the Ontario Living Wage Network (OLWN). A living wage reflects an income that a worker must bring home to meet their basic living needs and participate more fully in life, work, and community.
“Our Meridian for Good strategy is about giving people financial confidence so they can achieve their best life, and that also applies to our employees who are the ones delivering for our Members every single day,” said Meridian CEO Jay-Ann Gilfoy. “This means ensuring our people continue to be paid a living wage as inflation and other external factors persist in driving up the cost of living.”
With 2,300 employees in 89 branches, and 15 business centres across Ontario, Meridian is committed to paying at least the highest living wage rate, which is the GTA rate of $23.74 per hour (adjusted for benefits & pension), to all eligible employees across the province. The rate is adjusted since all Meridian employees also receive a comprehensive pension and benefits plan. This is an 8% increase from last year’s rate.
“Working for a company that recognizes how important it is for employees to feel financially secure in the face of a higher cost of living demonstrates their commitment to putting people first,” said Jordan Butcher, Financial Services Representative at Meridian. “It means a lot to me personally to have less financial stress, and I often encourage friends and family to work at Meridian because they treat people with respect and dignity.”
The living wage is updated annually in November to ensure that it accurately reflects changing living expenses and is based on the actual costs of living in a specific geographic location. This rate is then adjusted by the OLWN to incorporate any benefit programs that are provided by organizations to its employees.
“Paying our people fairly is not only about an hourly rate; it also includes access to health and family benefits, which is an important contributor to overall wellbeing. That is why we take a total rewards approach for both full-time and part-time Meridian employees because everyone deserves to feel emotionally and financially secure,” said Gilfoy.
Benefits of Becoming a Living Wage Employer
- Employees who earn a living wage experience increased mental and physical health, and economic well-being.
- Employers paying a living wage experience a decrease in employee turnover and absenteeism, increased retention and productivity, and savings on rehiring and retraining.
- Living Wage Employers offer their employees an opportunity to build a career and improve their well-being.
Meridian is Ontario’s largest credit union, and second largest in Canada, with over $30.8 billion in assets under management (June 30, 2023). Guided by our purpose, “helping you achieve your best life,” Meridian delivers personal, business and wealth financial solutions to over 370,000 Members. Our bold Meridian for Good strategy is aimed at helping people get access to the money and advice they need; plan for a better future that is clean, resilient, and diverse; and be financially confident. Meridian has two operating subsidiaries: Meridian OneCap Credit Corp (“MOCC”) and motusbank. For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or visit us on Facebook.
Meridian is on a journey to advance the Truth and Reconciliation Commission’s goals and assist in achieving the 94 Calls to Action. We respectfully acknowledge that the land on which we gather is the traditional territory of the Anishinaabe and Haudenosaunee. This territory is covered by the Upper Canada Treaties and is within the land protected by the Dish with One Spoon Wampum Agreement. From coast to coast to coast, we acknowledge the ancestral and unceded territory of all the Inuit, Métis and First Nations people across Turtle Island.
We continue to educate ourselves about the history of Indigenous peoples and the discrimination communities continue to experience today.
It is our commitment to play an active role in economic inclusion, creating opportunities and influencing policies to ensure Indigenous communities have access to the financial services they need to meet their goals.
For more information contact:
Laurel Ostfield, Communications Consultant, Meridian
Jacob Del Zotto, Corporate Communications, Meridian