Salary Boosts for Canadian Workers in 2024

Canada's workforce is on the cusp of an optimistic change in 2024, as a recent survey conducted by the financial management consulting firm Normandin Beaudry suggests that Canadian workers can anticipate an average wage increase of 3.6%. This positive outlook is a welcome sign for both established Canadians and newcomers seeking a better quality of life in this thriving nation.

Responses to the survey

In the comprehensive survey carried out by Normandin Beaudry, over 700 companies across Canada were scrutinized, revealing intriguing insights for the country's workforce. Key findings include:

1. 3.6% Average Salary Increase: The survey predicts an average salary increase of 3.6% in 2024, indicating positive financial growth for Canadian workers.
2. Minimal Salary Freezes: Only two percent of the surveyed companies are contemplating salary freezes, showing a stark contrast to the three to five percent wage freezes that were commonplace before the COVID-19 pandemic.
3. Additional Budget Allocations: Approximately 43% of companies plan to grant an additional average salary budget of one percent to their employees, further boosting income.
4. Sector-Specific Growth: Certain sectors, including STEM, Real Estate, Manufacturing, and Accommodation and Food Services, are likely to see wage increases surpassing the national average, with projections up to 3.9%.
5. STEM Demand: STEM occupations are in high demand, exemplified by their prominence in Canada's Express Entry category-based draws. In 2023, 28-31% of Invitations To Apply (ITAs) are expected to be issued to candidates from this category.
6. Regional Variations: Some provinces, such as Quebec, Yukon, Ontario, and British Columbia, are projected to experience salary increases at or above the national average of 3.6%. While the remaining provinces and territories might see slightly lower increases, the outlook remains promising.

Newcomers to Canada: What This Means

The anticipated salary growth in Canada is a significant development for all its residents, but it holds particular promise for newcomers. Moving to a new country involves various adjustments, including adapting to a new cost of living. For newcomers, especially those with families, higher average salaries can be a game-changer in establishing a comfortable quality of life.

Canada's dedication to quality of life is evident in its ranking. The 2023 Best Countries rankings from U.S. News place Canada third among 87 countries, trailing only Sweden and Norway. The projected salary increases in 2024 are set to reinforce this quality of life and make it more accessible to newcomers.

Conclusion

As we look ahead to 2024, Canadian workers can anticipate an average pay increase of 3.6%, bringing hope and financial security to both established residents and those considering immigration to this welcoming nation. The survey by Normandin Beaudry paints a positive picture for the Canadian workforce, with specific sectors and provinces showing exceptional promise. For newcomers to Canada, these projected increases are a clear sign that a better quality of life awaits them in this thriving country.

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