Staff at ICBC are getting some bad news this week.
ICBC Spokesperson Adam Grossman says through a salary holdback program, if some financial targets were met management and staff would get the money back.
But thanks to cost pressures, that won’t happen.
“As a result we did not meet all of our corporate targets for last year.”
Which means heavily reduced bonuses for some staff and none at all for others.
“Management that did reach their individual targets will be receiving a heavily discounted amount of that remaining salary. For our unionized employees as part of their collective bargaining agreement that was agreed to because we did not achieve our corporate targets there is no payout under that program.”
Grossman says the rising costs like injury claims, which have gone up by $1-billion since 2008, also likely spells bad news for insurance rates.