Canadian Salaries Are Set For An Increase In 2024 & Here's How Much Of A Raise You Can Expect
Are you due for a pay bump?
A hand holding several Canadian bills.
If you're hoping for a raise in 2024, you could be in luck.
According to a new survey of more than 700 Canadian companies, salaries in Canada are expected to increase next year, and in some cases, workers could be in for a pay bump that is well above the standard.
The data comes from the 13th annual Normandin Beaudry’s Salary Increase Survey, which forecasts a 3.6% increase for the average salary in Canada in 2024, excluding salary freezes, which just 2% of companies are predicting next year.
Depending on which province or industry you work in, you could be in for an even bigger raise!
Workers in Ontario, British Columbia, and Yukon can all anticipate the projected average salary increase of 3.6%.
Quebec workers are in for the highest projected salary increase in all of Canada in 2024, at 3.7%.
When it comes to particular industries, Normandin Beaudry forecasts workers in tech, real estate, and scientific or technical services could be in for the biggest raises of up to 3.9%.
Employees in the pharmaceutical and manufacturing sectors could get a raise of 3.8%.
"In Canada, more than half of organizations have no compensation cost containment measures in place to manage a possible economic slowdown, mainly a result of ongoing labour shortages," reads the report.
The above-average salary increases forecasted for Canadian workers in 2024 come at a time when more people are struggling with the cost of living in Canada, including everything from interest rates to high food prices.
Still, these salary increases are actually below the average raise of 4.2% that workers in Canada received in 2023.
'Despite another year of higher-than-normal forecasted salary increases, companies would be wise to exercise caution, as salary increases represent a permanent increase in fixed operating costs," the report concluded. "Organizations hoping to set themselves apart may benefit from adopting more creative approaches in finding the right mix of monetary and non-monetary components as part of their total rewards offering."
Perhaps that's why we've seen an increase in people searching for great job perks like unlimited vacation and a four-day workweek.
Are you expecting a salary increase in 2024?
This article's cover image was used for illustrative purposes only.