As per a forecast revealed in a recent survey by financial management consulting firm Normandin Beaudry, laborers across Canada are expected to witness a pay hike of about 3.6% in 2024.
The Ontario-based organization surveyed over 700 companies across Canada and unearthed several critical findings for the employed class in Canada. While some of these findings paint a jubilant picture for the future, other findings suggest a looming pay freeze is on the way.
In this article, we will dissect the survey results from Normandin Beaudry and analyze what it means for the Canadian working class, with a strong impetus on the potential impact on Canadian newcomers.
Deciphering The Survey Results
Let’s talk numbers and trends for a moment. According to a recent survey, it’s estimated that average wages are on the rise, with a projected increase of 3.6%. Good news, right? Well, the even better news is that only a tiny 2% of companies are planning to impose salary freezes by the time 2024 rolls around. To put that in perspective, pre-COVID, the frequency of salary freezes was more in the range of 3-5%.
But there’s more to this survey. About 43% of the organizations in the study have some extra budget room for a 1% bump in their average salary and wage figures.
Now, here’s where it gets interesting. Certain industries are poised for even more significant salary increases, outpacing the national average. We’re talking about real estate, lodging & accommodation, manufacturing, food services, and STEM fields. They’re looking at pay raises of up to 3.9%.
STEM, in particular, is having a moment in Canada. It’s not just a job market; it’s a hotbed of opportunity. In fact, STEM occupations are making waves in the Express Entry draws. Out of the six primary categories for Canadian immigration, one whole category is dedicated to STEM. It’s predicted that somewhere between 28% to 31% of the remaining Invitations to Apply (ITAs) for 2023 will be offered to immigrants from this category.
And speaking of Express Entry, let’s not forget the accommodation and food services sectors. They’ve secured a spot among the top five occupations frequently awarded ITAs in Express Entry draws, according to the 2021 Express Entry year-end report.
- Food Service Supervisors (13,097 ITAs)
- Cooks (4,624 ITAs)
So, whether you’re looking for a career change, planning a move, or just keeping an eye on the job market, there’s a lot happening out there worth considering.
Looking ahead to 2024, it seems that some provinces will be in for a bit of a pay raise. Places like Quebec (3.7%), Yukon (3.6%), Ontario (3.6%), and British Columbia (3.6%) are expected to see salary bumps that match or even exceed the national average of 3.6%.
On the flip side, the other nine provinces and territories might find their wage increases slightly lagging behind the national average.
It’s worth noting that if you’re working in the Northwest Territories, Saskatchewan, or Prince Edward Island, your likely wage bump is expected to be around 3.3%.
Understanding The Implications: How Will The Wage Hike Affect Canadian Newcomers?
On the global stage, we’re well aware of the dance between income and our well-being – it’s a connection as old as the hills. So, it comes as no surprise that any rise in the average earnings of hardworking folks across Canada would be met with open arms. You see, this is the kind of news that can bring a ray of sunshine into almost every Canadian’s life.
Now, let’s talk about newcomers—those fresh faces in Canada. They often find themselves in need of a little extra in their pockets compared to the seasoned locals. Starting a new life in a new land has its demands, and financial support for families tops the list. So, if those surveys prove to be true and there’s a salary bump in the works for the next year, it’s going to be music to the ears of these newcomers.
Speaking of Canada, it’s worth noting that this fine country has been making quite a name for itself. According to the latest U.S. News 2023 Best Countries rankings, Canada has secured the second-best spot on the global stage among 87 nations. And when it comes to the quality of life, it’s not far behind, comfortably nestled in third place, trailing only behind Sweden and Norway.
But here’s the thing – Canada has always been known for its exceptional quality of life. And if this anticipated pay raise in 2024 materializes, it’s like adding a dollop of honey to an already sweet deal for newcomers to this wonderful land.
