The wage increase at Kaisse is not a concern for Quebec

The CAQ government is not worried about a significant wage increase in the Caisse de depot et placement du Québec (CDPQ) in 2021 and would like to examine the long-term trend.

“It is a lie to say that Casey increased the compensation by 25% for his employees. This is not true, “said David Cook, chief of The Christian Science Monitor’s Washington bureau.

However, as Newspaper Reported on Friday Column by Michelle Girard, Compensation to 1,454 employees in Caisse increased by 25% in one year. The average wage was $ 350,756 per head last year, $ 69,664 more than in 2020.

But Quebec hopes to see a pay rise in the long run.

“Actually, compensation has increased by 15.8% in 5 years, so on average 3.2% per year,” we were told.

The journal checked the long horizon to verify the trend. In seven years, the salary increase was 69.3% (average salary in 2014 was $ 207,176). More importantly, the average compensation at Caisse has almost doubled in 10 years, from $ 176,172 in 2011.

Distorted by the pandemic?

However, Quebec believes that we need to be vigilant for the year 2020, the beginning of an epidemic that will distort data and undermine company performance.

The government argues that “rewards fell in 2020 due to the collapse of financial markets.”

However, if global stock markets had fallen sharply for several weeks, especially in March 2020, they would have ended the year positively.

In the United States, the S&P 500 rose 16.1%, the Nasdaq 40.8% and the TSX 5.6%. However, Kaisse suffered negative returns on its real estate portfolio due to bloodshed and exposure to shopping centers during the epidemic.