Toronto-Dominion Bank will pay one-time bonuses worth up to $1,000 to staff who work in branches, call centres and other operations that put them at greater risk of exposure to the new coronavirus.
Both full-time and part-time staff are eligible if they work in roles considered vital that require them to come to a TD branch or office to do their jobs. The sums will be paid out in two instalments of up to $500 each in April and May, and those staff will also receive two extra paid vacation days for their work during that span.
TD’s executive vice-president Kenn Lalonde announced the bonuses in an internal memo to staff on Monday evening. “We also want to recognize the thousands of colleagues – in our stores, in our branches, in contact centres, and many other offices across our footprint who do not have the option to work from home,” he said in the memo.
Banks have closed some branches, and reduced hours at others. But they kept most of their branch network open, especially in rural and remote areas, and have ramped up measures to clean branches daily in an effort to protect both employees and clients.
TD’s one-time payments follow similar measures put in place by major grocers such as Loblaw Cos. Ltd. and Metro Inc., which raised wages for employees in their stores and distribution centres.
In a separate internal memo circulated Monday, TD’s chief executive officer, Bharat Masrani, said many staff “have shared your concerns with me,” as the fallout from the virus takes a toll on bank staff and their families. But he reminded them that “the services you provide are critical for the economy, society at large and our customers who rely on TD every day."