March 28, 2024

ICBC changing bonus system

 

ICBC is making some changes to its controversial bonus system.

CKNW has obtained a memo sent to ICBC employees saying full bonuses will only be paid if the company meets its 2011 target of a 217 million dollar profit. 

If there’s a net loss, there will be no bonuses, if profits only reach 35 million, there will be no payout for the CEO or executives, and profits between 35 million and 217 million will mean discounted bonuses.

The corporation paid out some nine million dollars in bonuses to about 42-hundred employees last year, even as it filed for rate hikes.  

CKNW Vancouver News

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