Most Canadian Expected to See Salary Increase in 2024
In spite of looming indications of a potential economic downturn, a recent survey conducted by Normandin Beaudry reveals that Canadian workers are anticipated to witness an average salary boost of 3.6 percent in 2024.
This survey, released by the Canadian financial management consulting firm, encompassed over 700 organizations. It disclosed that, on average, employers are planning to augment their employees’ salaries by 3.6 percent in 2024, with no salary freezes expected. A mere two percent of companies foresee implementing salary freezes in the upcoming year—a decrease compared to the pre-pandemic era when such freezes averaged between three to five percent.
Furthermore, 43 percent of those surveyed indicated their intention to allocate an additional average salary budget of one percent.
Despite these positive trends, a degree of caution still prevails among companies, as salary increases in 2023 slightly trailed the projected increments. The survey highlights that the average salary increase for non-unionized employees in 2023 was projected at 4.2 percent, as opposed to the actual 4.1 percent reported.
Canadian organizations in 2024 remain susceptible to various economic challenges, including the threat of a recession, a rising unemployment rate in Canada, labor shortages, and persistently high interest rates, despite a slowdown in inflation rates observed in June.
Certain sectors are expected to witness salary increases surpassing the national average, with increments reaching up to 3.9 percent. These sectors encompass STEM (Science, Technology, Engineering, and Mathematics), real estate, manufacturing, and accommodation and food services.
Provinces and territories that are forecasted to experience salary increases equal to or exceeding the national average in 2024 include Quebec at 3.7 percent, along with Yukon, Ontario, and British Columbia, all at 3.6 percent.
Conversely, other provinces and territories are expected to observe slightly below national average wage hikes. Workers in the Northwest Territories, Saskatchewan, and Prince Edward Island are projected to receive average salary increases of 3.3 percent.
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