BC Is Set To Have One Of The Biggest Wage Increases In Canada For 2023 & Here's How Much
Get ready for a pay bump!
Vancouver, B.C. Right: Canadian money.
Good news for all those in B.C. struggling to pay rent — wages are expected to increase in 2023 more so than in the rest of Canada.
On par with Ontario and Quebec, B.C. is set to have a 4.1% increase in average salaries, which is higher than most other provinces in the country, according to a compensation planning survey from the consulting company Eckler.
The study said that Canada's national average base salary is predicted to increase by an average of 4.2% next year, but some provinces aren't as lucky as B.C.
The Yukon, Nunavut and P.E.I. are expected to get a salary increase of 3.2% to 3.5%, the lowest in Canada.
If you do work in B.C., you'll also have to consider what industry you are in. The survey said that those in information technology would likely see the highest increase in salary, while those working in education, health care, agriculture, and hospitality could see the lowest.
The National Compensation Practice leader at Eckler, Anand Parsan, said, "we are seeing the highest projected salary increase in two decades as organizations try to balance the impact of rising inflationary pressure and a tight labour market against a backdrop of surging interest rates and anticipated economic downturn."
The survey added that only 1% of organizations are planning a "salary freeze" for 2023. This means that a lot of organizations in Canada are planning to increase salaries in an effort to attract and retain workers.
However, 44% of employers are still undecided about their 2023 salary budgets. Parsan's theory is that this might be an "attempt to gain some certainty as they look to what their competitors are doing."
This increase in salaries could offer some relief to Canadians reeling from rising costs and inflation.