Canadian workers will witness a wage increase in 2024, according to Normandin Beaudry, a financial management consulting firm. The wage increases in 2024 will be up to 3.6 percent. This financial firm is in Ontario and has surveyed more than 700 companies in Canada and derived the key findings of employed Canadians.
This showcases that the future of Canadian workers will be excellent and bright. However, many might also witness salary freezes.
The survey results below will outline the scenario for Canadian workers as well as the potential prospects for newcomers.
Canadian workers to witness a wage increase in 2024 – Survey outcomes
Besides the wage increase of 3.6 percent, the survey revealed that only two percent of companies might choose to freeze salaries in the upcoming year. Before the pandemic started, wage freezes averaged from three to five percent.
The chief findings of the survey include the following:
- Nearly 43 percent of the companies participating in the survey claimed they look forward to offering an extra 1 percent of the salary budget.
- The STEM professions, Manufacturing, Accommodation, Food Services, and Real Estate will witness wage increases above 3.9 percent, the national average.
- Certain Canadian provinces will likely witness wage increases at the same or above the national average in 2024. For instance, 3.7 percent in Quebec and 3.6 percent in all three provinces, such as British Columbia, Ontario, and Yukon.
- The rest of the nine Canadian provinces and territories are likely to observe a salary rise of a little below 3. 6 percent. Similarly, Canadian workers in Prince Edward Island, Saskatchewan, and Northwest Territories will likely receive an average rise of 3.3 percent.
Notably, STEM professions in Canada are extremely prominent due to the increased demand. This is evident per the Express Entry Category-based draws. Nearly 28 to 31 percent of the rest of the invitations will be issued to candidates under this category.
Additionally, the other two topmost occupations among the five common professions were from the Accommodation and Food Services Industry. These include:
- Food Service Supervisors with 13,097 invitations.
- Cooks with 4,624 invitations.
Prospects for new immigrants in Canada
A majority of people worldwide rely on monetary gains through jobs so that they can live conveniently. This makes it more evident that any wage increase will only be marked as a positive sign, particularly for newcomers in Canada. This is also because these individuals need double the amount of money than established Canadians to live comfortably and feed their families.
Hence, if this report’s results transform into reality, it will only impact the newcomers positively. The entire country will be at an advantage with the increased salary projections.
The 2023 Best Countries rankings published that Canada is ranked third among the 87 countries. This data is concerning the quality of life following the top two countries: Sweden and Norway.
Overall, the impact of the salary wages in 2024 will only be positive, particularly on the standard life new immigrants would experience in Canada. Besides, Canada also got the second position in the overall Best Countries Rankings by the U.S News.
If you wish to know more about Canadian immigration for work purposes, contact our immigration experts at MakeHomeCanada. Our considerable experience in the immigration field can help you. You may write to us [email protected].
