According to a survey by financial management consulting firm Normandin Beaudry, Canadian workers are expected to see an average wage increase of 3.6% in 2024. The survey, which included over 700 companies across the country, offered insights into the salary outlook for employed Canadians. Notably, only two percent of the surveyed companies are predicting salary freezes for the upcoming year.
Key Findings from the Survey:
- On average, a 3.6% wage increase is anticipated in 2024.
- Sectors such as STEM (Science, Technology, Engineering, and Mathematics), Real Estate, Manufacturing, and Accommodation and Food Services are likely to experience wage increases above the national average.
- Certain provinces, including Quebec, Yukon, Ontario, and British Columbia, are expected to see salary increases at or above the national average.
Newcomers to Canada are likely to benefit from these wage increases, as higher salaries can aid in providing for families and establishing a comfortable quality of life in a new country.
Canada already ranks high in terms of quality of life, and the projected salary increases for 2024 should further enhance the quality of life for newcomers.
