Despite signs of a possible recession, Canadian workers are forecast to receive an average salary increase of 3.6 per cent in 2024, according to a new survey by
The Canadian financial management consulting firm released the results of its annual salary increase survey on Tuesday.
Out of more than 700 organizations surveyed, it found that employers are expected to increase the wages of their workers by 3.6 per cent on average in 2024, excluding salary freezes.
Only two per cent of companies are predicting salary freezes for next year, a comparable decrease from the pre-pandemic wage freezes that averaged three to five per cent, the consulting firm notes.
Forty-three per cent surveyed say they plan to grant an additional average salary budget of one per cent.
However, companies are still showing signs of caution as wage increases in 2023 were slightly below the projected increase, as the average salary increase for non-unionized employees in 2023 was projected at 4.2 per cent versus the actual 4.1 per cent reported, the survey notes.
There are still various economic challenges that could impact Canadian organization in 2024 including risks of a recession, Canada's rising unemployment rate, labour shortages and interest rates remaining high despite inflation rates slowing down in June.
The sectors that are likely to see increases above the national average and up to 3.9 per cent include workers in the STEM sector, real estate, manufacturing and accommodation and food services.
The provinces and territories that are projected to have salary increases that are above or equal to the national average increase in 2024 include Quebec at 3.7 per cent, as well as Yukon, Ontario and British Columbia at 3.6 per cent.
The rest of the provinces and territories are expected to see a slightly below national average wage increase, with workers in the Northwest Territories, Saskatchewan and Prince Edward Island forecast to receive average salary increases of 3.3 per cent.
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Twenty-seven year Â鶹ӰÊÓ reporter and anchor John Vennavally-Rao shares his story of what it was like to have an ostomy bag as part of his health-care battle. 'I’m grateful for what it did to extend my life,' he writes in a personal column for CTVNews.ca.
The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
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The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
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A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
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Donald Trump returned to North Carolina on Saturday, stumping in the southern battleground state with direct appeals to women, claiming he would be a better champion for them than U.S. Vice President Kamala Harris, who is vying to become the first female president.
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The more Chelsea Walsh talked to the eccentric fellow American who seemed to pop up in every square and cobblestone street of Ukraine's capital, the more she got creeped out.
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Foreign Affairs Minister Melanie Joly says close to 45,000 Canadians are in Lebanon, months after warning there is no guarantee Ottawa can evacuate them if the situation deteriorates further.
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The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
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The death of the Tragically Hip’s lead singer Gord Downie united fans across Canada in their grief, but in many ways pulled his bandmates apart.
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Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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