Published on : October 30, 2023
Canadian Workers are set to receive an average pay increase of 3.6% in 2024, according to a survey by financial consulting firm Normandin Beaudry. The survey, which included data from over 700 companies across the country, revealed positive insights and potential impacts for newcomers to Canada.
Average Salary Increase- The survey predicts an average salary increase of 3.6% for Canadian Workers in 2024.
Additional Salary Budget- Approximately 43% of the surveyed companies plan to allocate an additional average salary budget of 1%.
High-Growth Sectors- Some sectors are expected to experience wage increase above the national average, reaching up to 3.9%. These sectors include
Newcomers to Canada can anticipate positive developments due to these salary increases. This financial boost can be especially beneficial for those who require additional resources to support their families and establish a comfortable quality of life in a new country.
Canada is already recognized for its high quality of life, ranking third among 87 counties, trailing only Sweden and Norway, according to the 2023 Best Countries rankings by U.S. News. The projected salary increases for 2024 are expected to further enhance the quality of life that newcomers can enjoy in Canada.
Province-wise salary increases at or above the national average for 2024 -
Note- Canadians in the Northwest Territories, Saskatchewan and Prince Edward Island are expected to see an average pay raise of 3.3%.
STEM (Science, Technology, Engineering, and Mathematics) occupations are in high demand in
Canada, as evidenced by the Express Entry category-based draws. The STEM occupations are among the six categories that the federal government has selected as a priority area for Canadian immigration via Express Entry, with 28- 31% of remaining ITAs for 2023 expected to go to immigration applicants from this category.
28-31 % of remaining ITAs for 2023 are expected to go to immigration applicants from the STEM category
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