3.6% Salary Raise for Employees in 2024
As per a study conducted by the financial consulting firm Normandin Beaudry, employed individuals in Canada can anticipate an average salary raise of 3.6% in 2024. The survey reveals that 43% of businesses are contemplating an additional 1% increase in average salaries. Sectors such as STEM, Real Estate, Manufacturing, and Accommodation and Food Services may witness salary hikes surpassing the average. Furthermore, regions including Quebec, Yukon, Ontario, and British Columbia might see salary growth in alignment with or exceeding the national average, while other areas may experience slightly lower increases. This 3.6% salary raise in 2024 coupled with Canada’s exceptional quality of life, contribute to making it an appealing destination for prospective newcomers.
The survey reveals that 43% of companies plan to provide an additional average salary budget of one percent. Notably, certain sectors, including STEM, Real Estate, Manufacturing, and Accommodation and Food Services, are likely to experience wage increases surpassing the national average, reaching up to 3.9%. STEM occupations are particularly in demand across Canada, evidenced by their prioritization in Express Entry draws, with an estimated 28-31% of Invitations To Apply (ITAs) for 2023.
Moreover, provinces such as Quebec, Yukon, Ontario, and British Columbia are expected to see salary hikes equal to or surpassing the national projected average of 3.6% in 2024. Meanwhile, the other provinces and territories are likely to encounter somewhat smaller wage boosts, with employed individuals in the Northwest Territories, Saskatchewan, and Prince Edward Island projected to get average salary increases of 3.3%.
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A rise in average salaries across Canada is a positive development for residents, particularly benefiting newcomers who often require additional financial support to establish a comfortable life in a new country. The Normandin Beaudry survey’s projections for increased salaries in the coming year, especially in sectors like STEM, Real Estate, Manufacturing, and Accommodation and Food Services, suggest promising prospects for improved financial well-being.
Canada’s already high quality of life, ranked third globally, according to the 2023 Best Countries rankings, positions the country as an attractive destination. The anticipated salary increases in 2024 are likely to further enhance the quality of life for newcomers, affirming Canada’s status as a favorable environment for individuals seeking a better standard of living.