Canadian banks hold off return-to-office schemes

Three major Canadian banks have announced that they will be holding off plans to bring back workers to the office amid the threat of the Omicron variant. The Bank of Nova Scotia announced this week that its supposed return-to-office scheme starting January 17 is now suspended. It was supposed to cover head office employees that are still working remotely, Bloomberg reported.

The announcement came after the growing number of COVID-19 cases in Ontario, which currently has 12,666 active cases as of December 15.

The Canadian Imperial Bank of Commerce (CIBC), in an internal memo to employees, also decided to "pause" current plans to bring back workers to office in January.  Staff who are already working back at the offices have also been asked to work remotely again, with the bank citing uncertainty due to the new COVID-19 variant and increasing cases.

The National Bank, however, told Reuters in a statement that its long-term plans of reopening gradually are still on track. However, a recent message to employees encouraged them to "work remotely if they can," a bank spokesperson told Reuters.

Read more: Morgan Stanley CEO changes tone on office return

Omicron’s threat

Canada is currently on the road to a COVID-19 resurgence based on recent projections from chief public health officer Dr. Theresa Tam, Global News reported. Tam said the resurgence is driven by the Delta variant, but if Omicron cases continue spreading the chief public health officer warned that it could outpace Delta and hike infections to up to 26,000 by mid-January.

"Although this forecast is concerning, we are reminded that models only show future possibilities – and that with fast and appropriate action, we can avoid a worst-case scenario trajectory as we have done in the past," Tam said as quoted by Global News.

Prime Minister Justin Trudeau said the government is "very concerned" by the projections but stressed the importance of getting double vaccinated to remain safe from COVID-19.