A survey by Normandin Beaudry stated that Canadian workers will get a pay increase in 2024. The wage will increase by 3.6% in 2024.
Surveying more than 700 nations across Canada, this firm noted several findings of value for employed Canadians, some of which allude to a positive future & some revelations that suggest salary freezes could be on the horizon as well.
Below is the recap of the survey conducted by Normandin Beaudry, which offers a look into what this means for Canadians, with a special focus on potential impacts for newcomers in Canada.
Results Of The Survey
Canada workers will get a pay increase in 2024. Despite being the average salary increase of 3.6%, the survey found that just two percent of the companies are expecting salary freezes for 2024.
Note: Before the pandemic, wage freezes averaged 3-5%.
Other notable findings from the survey are:
- 43% of surveyed companies say they plan to grant an additional average salary budget of 1%.
- Specific sectors are considered to witness wage increases above the national average. The sectors include STEM, real estate, food services, manufacturing services, etc.
Apart from the fact that Canadian workers will get a pay increase, one of the significant facts is that STEM professions are in high demand across Canada, as evidenced by Canada’s Express Entry category-based draws. STEM professions are one of the six categories selected by the federal government via Express Entry. Moreover, around 28-31% of the remaining ITAs are expected to be issued to international applicants from this category.
Furthermore, as per Express Entry’s year-end report of 2021, cooks & food service supervisors were in the Accommodation & Food Services industry.
- Specific provinces, like Yukon, Quebec, & BC, are expected to witness a salary increase above the national projected average for 2024.
- Canada’s remaining nine provinces, as well as territories, are projected to experience wage increases slightly below the 3.6% national average.
Note: Employed Canadians in the Northwest Territories, PEI, & Saskatchewan are projected to obtain an average salary increase of 3.3%.
What Does This Imply For Newcomers To Canada?
Around the world, we rely on the money acquired through employment to live comfortable lives. For obvious reasons, an increase in the average salary across Canada is a positive development for all country residents.
This is specifically true for newcomers to Canada, who might require more money than established Canadians to provide for their families & establish a comfortable quality of life in a new nation. Thus, if the projections from the survey are accurate, newcomers to Canada will significantly benefit from the average salary increases which are projected to come next year.
Based on the 2023 Best Nations rankings, Canada presently ranks third among 87 nations in quality of life. With this in mind, Canadian workers will get a pay increase in 2024. This will help to solidify the strong quality of life newcomers can have in this nation.