(Reuters) – TD Bank Group will offer eligible employees a 3% increase to their base pay or a one-time cash reward effective July 1, Chief Executive Officer Bharat Masrani said in an internal memo on Wednesday.

The move comes as the latest in a series of salary hikes by top banks, as they rush to retain workers amid pandemic-driven pressures and a tight labor market.

TD Bank said the raise would apply to all global employees between level 1 and 12, as well as associate vice presidents and district vice presidents.

Employees who receive commission or commission-like payments, and those who participate in the TD Securities or TD Asset Management Performance Compensation Plan, at or below director level, will receive an alternative one-time cash award, Masrani said.

(Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli)