Anticipated Wage Increase of 3.6%
A recent survey conducted by an Ontario-based firm indicates that workers across Canada can expect an average wage increase of 3.6% in the year 2024. The survey, which involved more than 700 companies, unveils key findings that shed light on both positive and potentially challenging aspects of the job market.
Survey Results
- Salary Increases and Freezes
- The survey predicts an average salary increase of 3.6%, with only 2% of companies foreseeing salary freezes in 2024.
- Notably, before the COVID-19 pandemic, wage freezes typically ranged from three to five percent.
- Additional Budget Allocations
- 43% of surveyed companies plan to allocate an additional average salary budget of one percent.
- Sector-Specific Projections
- Certain sectors, including STEM, Real Estate, Manufacturing, and Accommodation and Food Services, are likely to witness wage increases above the national average, reaching up to 3.9%.
Regional Variances
- Provincial Salary Projections
- Quebec (3.7%), Yukon (3.6%), Ontario (3.6%), and British Columbia (3.6%) are expected to experience salary increases at or above the national average.
- The remaining provinces and territories are projected to see slightly lower wage increases, with employed Canadians in the Northwest Territories, Saskatchewan, and Prince Edward Island expected to receive average salary increases of 3.3%.
Impact on Newcomers to Canada
Positive Prospects for a Comfortable Life
The survey’s projections carry positive implications for newcomers to Canada. With an average salary increase expected in 2024, newcomers, who may require additional financial resources, stand to benefit, contributing to a more comfortable quality of life in their new country.
Reinforcing Canada’s Strong Quality of Life
Canada, already ranked third among 87 countries for quality of life, according to the 2023 Best Countries rankings, is poised to strengthen its standing. The projected salary increases in 2024 are anticipated to further enhance the quality of life for newcomers, solidifying Canada’s appeal as a welcoming and prosperous nation.
