Vimal Sivakumar - 09 November, 2023
This is according to a survey from financial consulting firm Normandin Beaudry, released in early September.
According to the responses collated from more than 700 companies across the country, employed Canadians can expect an average salary increase of 3.6% next year.
In addition, this survey revealed the following four takeaways that should be of interest to Canadians from coast to coast.
1. Just under half (43%) of all companies that participated in the survey indicated an intention to “grant an additional average salary budget of one percent”
2. Certain sectors are considered “likely” to see wage increases above the national average (up to 3.9%). These sectors include:
3. Certain provinces – Quebec (3.7%), Yukon (3.6%), Ontario (3.6%) and British Columbia (3.6%) – are expected to see salary increases at or above the national projected average for 2024
4. Canada’s remaining nine provinces and territories are projected to experience wage increases slightly below the 3.6% national average
Note: Employed Canadians in the Northwest Territories, Saskatchewan and Prince Edward Island are projected to receive average salary increases of 3.3%
What this means for newcomers to Canada
An increase in average salary is undoubtedly a positive development for all residents of Canada.
Considering that the recent 2023 Best Countries rankings by U.S. News placed Canada third among 87 countries for quality of life, the projected salary increases in 2024 should only help to solidify the strong quality of life available to all inhabitants of this country. This is a particularly notable move for newcomers to this country, who often rely on money more than established Canadians as they look to establish a solid foundation for themselves and their families in a new environment.
Note: Canada was recently ranked number two overall in the U.S. News’ Best Countries ranking for 2023. For more, click here.