Canadian workers expected to receive pay increase in 2024

Good news for Canadian workers: In a survey carried out by the financial management consulting company Normandin Beaudry, it was revealed that employees throughout the nation are projected to experience an average wage hike of 3.6% in 2024. After examining data from over 700 companies across Canada, the Ontario-based firm unveiled noteworthy insights that provide optimism for Canadian workers while also hinting at potential salary stagnation in the future.
The following section will summarise the findings from the survey conducted by Normandin Beaudry and shed light on the implications for Canadians, particularly focusing on the potential effects for newcomers to the country.

Survey Findings In addition to the anticipated average salary rise of 3.6%, the survey conducted by Normandin Beaudry revealed that only a small fraction of companies, accounting for just two percent, are forecasting salary freezes in 2024.

Note: Before the onset of the COVID-19 pandemic, wage freezes typically ranged between three to five percent.

Additional noteworthy findings from the survey include:

1. A total of 43% of the surveyed companies have indicated their intention to allocate an additional average salary budget of one percent.
2. Specific industries, including STEM, Real Estate, Manufacturing, and Accommodation and Food Services, are likely to witness wage increases exceeding the national average, potentially reaching up to 3.9%. It’s crucial to note the high demand for STEM occupations in Canada, evident in the federal government’s selection of STEM as one of the six priority categories for Canadian immigration through the Express Entry program. Approximately 28-31% of the remaining Invitations To Apply (ITAs) for 2023 are expected to be issued to immigration candidates in this category. Moreover, the 2021 Express Entry year-end report reveals that two of the top five most common occupations among successful Express Entry candidates receiving ITAs were Food Service Supervisors (13,097 ITAs) and Cooks (4,624 ITAs), both from the Accommodation and Food Services industry.
3. Certain provinces, namely Quebec (3.7%), Yukon (3.6%), Ontario (3.6%), and British Columbia (3.6%), are anticipated to observe salary increases at or above the national projected average for 2024.
4. The remaining nine provinces and territories in Canada are expected to experience slightly lower wage increases, just below the 3.6% national average.

Note: Employed individuals in the Northwest Territories, Saskatchewan, and Prince Edward Island are projected to receive average salary increases of 3.3%.
Implications for Newcomers to Canada 

Globally, we depend on income earned through employment to lead comfortable lives. Consequently, an increase in the average salary nationwide in Canada is a positive development for all its residents, for obvious reasons.

This holds particularly true for newcomers to Canada, who may at times require more financial resources than established Canadian residents to support their families and establish a comfortable standard of living in a new country. Therefore, if the forecasts from the Normandin Beaudry survey hold true, newcomers to Canada will significantly benefit from the anticipated salary increases in the coming year.

As highlighted in the recently released 2023 Best Countries rankings by U.S. News, Canada already holds the third position among 87 countries in terms of quality of life, trailing behind only Sweden and Norway. Keeping this in mind, the expected salary increases in 2024 should further enhance the robust quality of life that newcomers can experience in this country.

Note: It’s worth noting that in the 2023 Best Countries ranking by U.S. News, Canada was recently ranked as the second-best country overall.

The outlook for Canadian workers in 2024 is positive. The expected pay increase is good news for workers and will help them to keep up with the rising cost of living.

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