Despite a challenging economic environment, one-third of Canadians in the workforce expect to receive a year-end bonus, according to a BMO survey.
Of those who believe they are likely to receive year-end compensation, one-half anticipate it will be the same as last year, 22 per cent believe it will be less and 28 per cent think it will be more than last year, found the survey of 1542 Canadians.
Nationally, one-third of those who expect a smaller bonus believe it will be up to 10 per cent lower than last year. By contrast, four in 10 of those who expect a larger bonus believe it will range from one per cent to 10 per cent higher than last year.
"There is little doubt that global economic uncertainty has proved to be challenging for many Canadian businesses this year. In this environment, business owners have had to achieve a balance between recognizing the achievements of their employees and rewarding their contributions, with the need to maintain efficient business operations," said Cathy Pin, vice-president of BMO commercial banking.
When asked what they would do with the money, 53 per cent of working Canadians indicated they would use the money to pay down household debt, including a mortgage, credit cards, auto loan or personal line of credit. Other popular choices included paying for holiday spending (23 per cent), rewarding themselves with a new consumer purchase (17 per cent) or taking a vacation (15 per cent).
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