A recent survey by financial management consulting firm Normandin Beaudry reveals that Canadian workers can expect an average salary increase of 3.6% in 2024.
After surveying over 700 companies in Canada, the Ontario-based firm noted valuable insights for working Canadians. While some findings indicate a promising future, others hint at possible salary freezes in the coming years.
In this article, we will go over the study’s findings and see how it could affect Canadians, especially newcomers in the country.
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Survey Highlights:
The Normandin Beaudry survey paints a promising picture for the Canadian workforce in 2024:
Average Increase:
Workers all over Canada are expected to see an average wage increase of 3.6% in 2024. This means more money in your pocket to cover your expenses and save for the future.
Salary Freezes:
Only 2% of the companies surveyed are considering freezing salaries, suggesting that the job market is showing signs of growth and stability.
Additional Budgets:
Approximately 43% of the surveyed companies plan to add an extra 1% to their salary budgets. This is great news because it shows that many employers are willing to invest in their workforce.
Promising Sectors:
Certain industries, including STEM, Real Estate, Manufacturing, and Accommodation and Food Services, are expected to see salary increases higher than the national average. If you work in one of these fields, your pay could be even better.
Moreover, the 2021 Express Entry year-end report revealed that within the Accommodation and Food Services industry, Food Service Supervisors (13,097 ITAs) and Cooks (4,624 ITAs) ranked among the top five most frequent occupations for successful Express Entry candidates receiving Invitation to Apply (ITA).
Regional Variances:
Positive Regions:
Some provinces are set to experience salary increases above the national average in 2024. These include Quebec (3.7%), Yukon (3.6%), Ontario (3.6%), and British Columbia (3.6%). If you reside in one of these areas, you’re likely to enjoy a bit more in your paycheck.
Slight Differences:
While most of Canada is expected to see salaries rise by 3.6%, a few provinces and territories might have slightly lower increases. Employees in the Northwest Territories, Saskatchewan, and Prince Edward Island can expect average salary increases of 3.3%.
Though a bit lower, it’s still a step in the right direction.
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Impact on Newcomers:
Moving to a new country, like Canada, can be challenging, and financial stability is a top concern for newcomers. Here’s how the projected salary increases in 2024 can positively impact newcomers:
Improved Quality of Life:
Money is a big part of our lives, and higher incomes can make life more comfortable. Newcomers often need additional financial support to adapt to their new environment, provide for their families, and establish a good quality of life. These salary hikes will make that transition easier.
Quality of Life in Canada:
Canada is already known for its high quality of life. As noted by the recently published 2023 Best Countries rankings from U.S. News, Canada already ranks third among 87 countries in quality of life. With the projected salary increases in 2024, newcomers to Canada can expect an even better standard of living.
This is especially encouraging for those who have chosen Canada as their new home, as the country consistently ranks high in global quality of life assessments.
Financial Security:
Improved salaries mean better financial security for you and your family. You can save more, invest in your children’s education, and have peace of mind knowing that you can handle unexpected expenses.
