Canadian workers anticipate a 3.6% salary raise in 2024
According to a financial consulting firm, Normandin Beaudry study, Canadian workers may expect an average salary hike of 3.6% next year. The survey also indicates that 43% of businesses are considering an extra 1% average salary increase. Industries may witness above-average pay rises including:
- Real Estate,
- Manufacturing, and
- Accommodation and Food Services.
In addition, Quebec, Yukon, Ontario, and British Columbia are predicted to experience salary growth in line with or exceeding the national average, while the rest may receive slightly less. These pay raises and Canada’s top-notch quality of life make it a desirable location for potential newcomers.
Results of the annual salary increase survey were made public by the Canadian financial management consulting firm on Tuesday.
A survey conducted among over 700 organizations revealed that except for salary freezes, employers plan to increase employee wages by an average of 3.6% in 2024.
The consulting firm notes that only 2 percent of businesses anticipate freezing salaries for the upcoming year, which is a similar decline from the 3 to 5 percent average of wage freezes prior to the pandemic.
Key Findings of Salary Raises for the Canadian Workers
We have gathered more information after examining the report’s general and domain-specific findings; you should make use of it.
Budget Allocations: Of the companies surveyed, 43% plan to add 1% more to their salary budgets.
STEM Occupations Demand: According to Express Entry draws, STEM jobs are highly sought after in Canada. The federal government gives this immigration category top priority, with 28–31% of anticipated invitations to apply for 2023 going to candidates in the STEM fields.
Top Occupations: According to the 2021 Express Entry year-end report, in the accommodation and food services sector, food service supervisors (13,097 ITAs) and cooks (4,624 ITAs) made up two of the top five occupations receiving invitations to apply.
Regional Variations: In 2024, salary increases in provinces like British Columbia (3.6%), Yukon (3.6%), Ontario (3.6%), and Quebec (3.7%) are expected to be at or higher than the national average.
Provincial Differences: Wage increases are anticipated to be a bit lower in the remaining provinces and territories, with an average 3.3% increase in pay anticipated for employed Canadians in Saskatchewan, Prince Edward Island, and the Northwest Territories.
The 2024-2026 Immigration Levels Plan Canada
On November 1, 2023, Immigration, Refugees and Citizenship Canada (IRCC) released Canada’s 2024-2026 Immigration Levels Plan. The new plan aims to welcome 485,000 newcomers in 2024 and 500,000 in 2025 and 2026.
According to the new plan, the Government plans:
- to focus on economic growth, family reunification, and
- humanitarian responses to immigration,
- also increasing French-speaking permanent residents outside Quebec to 8% by 2026.
The 2024-2026 Immigration Levels Plan will focus on filling labor gaps in sectors like health, STEM, trades, transportation, and agriculture, supporting a green, digital economy, offering protection to those in need, and ensuring newcomers receive necessary support like housing and healthcare.
Citizenship, Immigration, and Refugees Canada is pleased to provide information on the Government of Canada’s Immigration Levels Plan for the years 2024-2026. Following the trajectory of the 2023-2025 Plan, Canada intends to accept 485,000 new permanent residents in 2024, 500,000 in 2025, and 500,000 in 2026.
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