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This B.C. organization just gave workers $1K each to help with inflation

Coast Capital Savings has issued $1.76 million to employees to help amid economic uncertainty.
Bonuses to help Coast Capital employees navigate the current economic environment come at a time when inflation is cooling in B.C.

One B.C. organization is supporting employees in an unexpected way.

Coast Capital Savings revealed Thursday it’s given out a one-time bonus of $1,000 to full-time and part time permanent employees in response to the uncertainty hanging over the economy. 

“We understand the challenging economic climate people in Canada are facing. We also recognize that each day our employees are showing up for our members to help them navigate a highly volatile financial time despite the fact that they, too, are feeling the strain,” Ania Cox, chief people officer at Coast Capital, said in a statement.

The bonus is geared towards helping employees grappling with the rising cost of living amid higher than normal interest rates and inflation. 

B.C.’s inflation rate was on a cooling trend as of September as consumer prices on the West Coast rose 3.3 per cent that month – down from 3.8 per cent in August, according to Statistics Canada data released Oct. 17. 

National inflation also cooled to 3.8 per cent that same month, down from four per cent in August 2023. 

The B.C. financial institution said it’s given out $1.76 million to employees, excluding executive leaders.

Coast Capital ranked as B.C.’s second biggest credit union on BIV’s list of biggest credit unions for 2023.