Canadian workers set to get significant salary increase in 2024

Canadian workers expect an average salary increase of 3.6% in 2024. The country has seen a significant increase in immigration, a major source of labour supply. So this news is exciting for the newcomers who want an excellent raise to establish themselves in the new country.

The Ontario-based Normandin Beaudry, a financial management consulting firm, has made the observation. The firm conducted an annual survey of more than 700 companies across Canada in early September.

The Normandin Beaudry survey has revealed that companies expect an average salary increase of 3.6% in 2024. Only 2% of the companies surveyed anticipate a salary freeze during this period. Moreover, 43% of the companies have revealed their plan to allot an additional average % salary budget of 1%.

Pace Setters

The survey indicated that Canadian organizations in the professional, technical, and scientific services sector reported the highest increase in their actual salary budget of 4.8% for 2023, compared to the 4.2% forecasted earlier.

The sectors listed below are projected to experience higher growth rates than the national average of 3.6% in 2024:

  • Professional, scientific, and technical services: 3.9%
  • High technology: 3.9%
  • Real estate, rental and leasing: 3.9%
  • Durable goods manufacturing: 3.8%
  • Pharmaceutical and biotechnology: 3.8%
  • Accommodation and food services: 3.7%

Four provinces and territories, among the total 13, are predicted to see salary raises at or above the projected average for 2024 nationally. These are Quebec (3.7%), Yukon (3.6%), Ontario (3.6%) and British Columbia (3.6%). The remaining regions are projected to increase wages slightly below the 3.6% national average. 

How do salary increases affect newcomers?

A rise in average salary is a positive development in Canada as employees worldwide rely on wages to run daily chores. It is particularly true for those new to Canada that they may require more funds than established Canadians to support their families and maintain a satisfactory standard of living in a new country. Hence, if the predictions from the Normandin Beaudry survey hold, the newcomers to Canada will benefit from the anticipated rise in average salaries next year. It will boost Canadian immigration.

Canada ranks consistently in the top five among 87 countries in quality of life. It is placed second, according to US News, behind Sweden and Norway. Considering the projected salary increases in 2024, newcomers can expect a high quality of life in this country.

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