Anticipated Pay Raise For Canadian Workers In 2024

In a promising turn of events, a recent survey conducted by financial management consulting firm Normandin Beaudry has revealed that Canadian workers can anticipate a noteworthy boost in their incomes. The survey, which encompassed over 700 companies across the nation, predicts an average wage increase of 3.6% for the year 2024. This report delves into the key findings of the Normandin Beaudry survey and its implications for both established Canadians and newcomers to the country.

Surveying

Normandin Beaudry’s comprehensive survey provides a tantalizing glimpse into the future of Canadian workers. The survey revealed several intriguing insights, some of which bode well for employees, while others hint at potential challenges on the horizon. Let’s explore what these findings mean for all of us.

Survey Results

In addition to the overall wage increase of 3.6%, the Normandin Beaudry survey unveiled that just a minuscule two percent of companies are contemplating salary freezes for 2024. This is a breath of fresh air, especially when we consider that prior to the COVID-19 pandemic, wage freezes averaged between three to five percent.

Here are some other noteworthy takeaways from the survey:

1% Salary Budget Increase: Approximately 43% of the surveyed companies plan to provide an additional average salary budget increase of one percent. This is a welcome boost for employees looking to see their incomes rise.
Booming Sectors: Some sectors are poised to enjoy wage increases exceeding the national average of 3.6%. These sectors include STEM, Real Estate, Manufacturing, and Accommodation and Food Services. Now, imagine this scenario as a garden where the flowers of opportunity bloom more vibrantly than the rest. STEM occupations, in particular, are in high demand across Canada, as evidenced by Canada’s Express Entry draws. The federal government has identified STEM as a focus area for Canadian immigration through Express Entry, and a significant chunk of Invitations To Apply (ITAs) for 2023 are expected to be issued to immigration candidates from this category.
Regional Variations: Certain provinces such as Quebec, Yukon, Ontario, and British Columbia are expected to witness salary increases at or above the national projected average of 3.6%. On the flip side, the remaining nine provinces and territories are likely to experience wage increases slightly below the national average. Notably, employed Canadians in the Northwest Territories, Saskatchewan, and Prince Edward Island are projected to receive average salary increases of 3.3%.

A Promising Outlook for Newcomers

In a world where financial stability is crucial to leading comfortable lives, an increase in average salaries across Canada is undoubtedly a boon for all residents. However, this positive development holds even more significance for newcomers to Canada, who may require additional financial support to establish themselves and their families in a new country.

Why This Matters for Newcomers

The significance of this wage increase for newcomers cannot be overstated. Newcomers often face the dual challenge of adapting to a new environment while also providing for their families. A higher average salary can significantly ease this transition.

As per the 2023 Best Countries rankings by U.S. News, Canada already stands as the third-best country for quality of life among 87 countries, trailing only behind Sweden and Norway. With the projected salary increases in 2024, the already strong quality of life for newcomers will only get better. Canada’s ranking as the second-best country overall in the U.S. News’ Best Countries ranking for 2023 underscores the promising outlook.

Conclusion

In summary, the Normandin Beaudry survey offers a positive outlook for Canadian workers in 2024, with an expected average wage increase of 3.6%. The findings also shed light on the growing demand for STEM occupations and regional variations in salary increases. For newcomers to Canada, this increase is especially promising, contributing to an already high quality of life in the country.

FAQs

1. How was the wage increase projection for 2024 determined?

The projection for the 2024 wage increase is based on a comprehensive survey conducted by Normandin Beaudry, which included responses from over 700 companies across Canada.

2. Which sectors are expected to see wage increases above the national average?

Sectors such as STEM, Real Estate, Manufacturing, and Accommodation and Food Services are likely to experience wage increases above the national average of 3.6%.

3. What does the wage increase mean for newcomers to Canada?

The wage increase is particularly beneficial for newcomers to Canada, as it provides them with the means to establish themselves and their families in a new country with a high quality of life.

4. What are the regional variations in salary increases?

Certain provinces like Quebec, Yukon, Ontario, and British Columbia are expected to see salary increases at or above the national average, while the remaining provinces and territories are likely to experience slightly lower wage increases.