Canadian salaries to increase by 3.6% in 2024

Highlights: Canadian salaries are likely to increase by 3.6% in 2024

• According to the survey conducted by Normandin Beaurdy, a financial management consulting firm, the country is expected to see an increase in the salaries for about 3.6% in 2024.
• Certain industries, which are the STEM, manufacturing, real estate, accommodation and food services are "likely" to have an increase in the salary above the national average, up to 3.9%.
• Of all the organizations surveyed, 43% said they intend to "grant an additional average salary budget of 1%”.

 

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Canada to increase the salaries in 2024

A report by financial management consulting firm Normandin Beaudry said that, on an average, workers in this nation will receive a 3.6% increase in the pay in 2024.

 

The Ontario-based organization conducted a survey for over 700 companies nationwide and found many interesting findings which are of a value to Canadians who are employed.

 

Apart from the 3.6% average wage increase, the Normandin Beaudry survey also discovered that only a 2% of companies are predicting salary freezes in 2024, which is lesser than the wage freeze that was during the time of COVID, which was likely 3 to 5%.

 

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Certain sectors are likely to have an increase in salary

Some sectors particularly STEM, real estate, manufacturing, accommodation, and food services, are expected to have increase in the salaries above the national average up to 3.9%.

• STEM jobs are in high demand across Canada. They are one of 6 categories identified by the federal government as an area of concentration through Express Entry for the Canadian immigration, and 28-31% of remaining Invitations to Apply (ITAs) for 2023 are likely to be sent to immigration candidates from this category.
• According to the 2021 Express Entry year-end report, two of the top five most prevalent occupations were Food Service supervisors (13,097 ITAs) and Cooks (4,624 ITAs), the candidates were in the Food Services and Accommodation industry after receiving a receipt for an ITA for Express Entry successfully .
• Certain places, Quebec (3.7%), British Columbia (3.6%), Ontario (3.6%), and Yukon (3.6) are expected to see an increase in the salary at or above the national projected average for 2024.
• The estimated growth of salary for Canada's other 9 provinces and territories are expected to be marginally less than the 3.6% national average. The employed Canadians in Saskatchewan, Prince Edward Island, and the Northwest Territories will have average pay increases of 3.3%.

 

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Canada now ranked 3^rd out of 87 nations as Best nation

According to U.S. News's 2023 Best nations’ rankings, Canada is now ranked third out of 87 nations in terms of quality of life, behind only Sweden and Norway.

 

Our ability to live comfortably depends on the money we earn from our jobs. This is particularly for immigrants in Canada, who occasionally can require more money than citizens of the country to support their families and build a good life for themselves.

 

This anticipated increase in pay in 2024 should help with the high standard of living that immigrants can have in this nation.

 

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Web Story: Canadian workers set for a 3.6% pay increase in 2024