Crow flying high

Year Published:  1990
Resource Type:  Article
Cx Number:  CX4091

Abstract: 
Bank of Canada Governor John Crow and senior members of his staff have been pocketing large pay increases even as they publicly demand that ordinary Canadians settle for less pay to combat inflation. The government refuses to reveal exactly what Crow himself is paid, even though his salary is paid by the taxpayer, but it has confirmed that his salary range is now between $162,000 to $243,000, up from the $120,000 to $150,000 range it was in three years ago. This amounts to an annual rate of increase between 12 and 21 per cent. The average salary at the Bank of Canada went up 24.2 per cent between 1985 and 1989, whereas the cost of living went up 16.3 per cent over the same period. The average weekly wage in Canada increased by only 16.1 per cent over that time period. In his reports, Crow has stated that wage increases averaging 5.25 per cent in 1989 and 4.5 per cent in 1988 are too high and are contributing to inflation.