Hydro-Québec pays more than $30 million in premiums

After a year-long hiatus due to the pandemic, Hydro-Québec has resumed paying bonuses to its officers and employees. For the 2021 vintage, the premium bill reaches $30.62 million.

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According to the data provided protocol of Hydro-Québec, around 3,500 employees received performance bonuses in April.

Executives and officers received $6.57 million, of which $269,232 went to CEO Sophie Brochu’s pockets. This amount is in addition to his base salary, which was $598,560.

On Tuesday, Ms. Brochu was at the Capitale-Nationale as a speaker at an event organized by the Quebec Chamber of Commerce and Industry.

Based on target achievement, the bonus check for 2021 was $13.9 million for the executives (master and intermediate), $5.92 million for the professional and non-government staff, and 5 for the salaried employees, $92 million totaled $1.76 million.

“effective tool”

Hydro-Québec also awarded $2.47 million in retention and special plan bonuses. These are bonuses to attract and retain employees.

Hydro-Québec management argues that “performance-based compensation is a powerful tool that helps mobilize the organization towards goals. »

“These targets are chosen based on the company’s priorities,” said spokeswoman Caroline Des Rosiers. Hydro-Québec is a company that competes with large private companies to attract the best talent. Performance bonuses are also common in trading companies. »

For comparison, for 2019, before the pandemic, awards of $30.24 million were distributed across the Quebec electric utility’s various departments, up from $29.58 million the year before.

Historically generous

Last year, Hydro-Québec had net income of $3.56 billion, up $1.26 billion. The Crown Corporation paid the government a historic dividend of $2.67 billion.

According to its latest annual report, Hydro-Québec had 21,168 permanent and temporary workers as of December.

In 2021, the overtime meter also turned more at the electricity supplier. Crown Corporation paid out nearly $160 million, compared to $137.6 million in 2020.

At the Société des alcools du Québec, the amount of the bonuses is to be announced in June. At Loto-Québec, management has not yet decided whether or not there will be a performance bonus.

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