TORONTO - RBC Royal Bank (RY on TSX and NYSE) (“RBC”) recently announced a global investment of over CAD 200 million in their employees to help them achieve both life and career goals in a changing world. The investment includes a mid-year base salary increase of 3% for employees where base salary represents a higher percentage of their overall compensation to address market pressure and the rising costs of living.

According to Chris Ronald, Head of Caribbean Banking, this holistic investment is designed to help RBCers build their future, both within and outside of RBC. It is also a strong signal of appreciation to the employees for all that the teams do. “The world has changed significantly over the past 2+ years, and so too has the employee experience. This investment demonstrates our commitment to the Caribbean and to be a top employer in the Caribbean markets we serve - where our employees are supported to achieve both their life and career goals in a changing world.”

The decision was guided by the feedback of the employees and the mixed investment will support RBC employees in three key areas:

1. Increased total rewards to support our employees’ life goals.
2. Increased support for flexible and personalized work options.
3. Increased support for employees to develop their careers through experiential and workintegrated learning, re-skilling and mentorship.

RBC will continue to refine the employee experience as part of the Bank’s commitment to be a leading employer of choice – one that offers the opportunity for employees to do purpose-driven, meaningful work that impacts clients, communities, and each other, in addition to being an inclusive culture and a great place to work.