Union boss accuses Bank of Canada of trying to curb wage demands
BNN Bloomberg
A group of unions representing more than 3 million employees said it’s 'deeply concerned' that the Bank of Canada is encouraging companies to push down wages amid historic inflation that’s hurting workers.
The Canadian Labour Congress, in a toughly worded statement issued Friday, accused the central bank of breaching its agreement with Prime Minister Justin Trudeau’s government. Language on achieving “maximum sustainable employment” was added to the bank’s inflation-targeting mandate when it was renewed at the end of last year.
“By continuing to press for lower wages, the Bank risks overstepping their role of communicating policy and instead takes on the role of business consultant,” Bea Bruske, the labor group’s president, said in the statement. “A strong labor market and Canada’s low unemployment rate needs to be prioritized and preserved.”
Her comments come a week after meeting with Governor Tiff Macklem and his deputies.
