Based on a survey performed by financial surveillance consulting company Normandin Beaudry, employees all over this nation are anticipated to observe an average wage increase of 3.6 percent by 2024. Surveying above 700 firms all over Canada, the Ontario-founded company pointed out so many discoveries of value for employed Canadians, most of which indicate a favorable future, and some disclosures that indicate income freezes could be on the rise also.
What ensues will summarize the outcome of the Normandin Beaudrys survey and offer a view into what this implies for Canadian citizens, with particular attention to prospective effects for newcomers to Canada.
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Survey Outcomes
Furthermore, to the anticipated average income increase of 3.6 percent, the Normandin Beaudry survey discovered that only 2% of firms are foreseeing income freezes for 2024.
Note: Due to the COVID-19 pandemic, salary freezes averaged 3% to 5%. Other observable discoveries from this survey consist of:
- 43% of surveyed firms declare they intend to “permit an extra average wage budget of 1%.
- Specific sectors are regarded as “likely” to observe salary increases more than the federal average, up to 3.9 percent. These units comprise of;
- Real estate
- STEM
- Manufacturing /Accommodation and Food Services.
Significantly, the fact that STEM professions are in excessive demand all over Canada, as proven by Canada’s Express Entry category-based draws, STEM professions are one of six classifications selected by the national administration as a field of attention for Canadian immigration via Express Entry, and 28-31 percent of remaining Invitations to Apply for 2023 are anticipated to be allocated to immigration applicants from this classification.
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Furthermore, based on the 2021 Express Entry year-end documentation, two out of the top five most general professions, Food Service Supervisor (13,097 Invitation to Apply) and Cooks (4,624 Invitation to Apply), upon receipt of Invitation to Apply for successful Express Entry applicants were in the Accommodation and Food Service Industry.
- Specific regions, which includes Quebec (3.7 percent), Yukon (3.6 percent), Ontario (3.6 percent), and British Columbia (3.6 percent), are anticipated to observe wage increase at or above the federal projected average for 2024.
- Canada’s remaining nine regions and territories are targeted to encounter salary increases barely below the 3.6 percent federal average.
Note: Canadian citizens who are hired in the Northwest Territories, PEI, and Saskatchewan are targeted to obtain an average wage increase of 3.3 percent
Implications for Newcomers to Canada
We all over the world depend on funds obtained via employment to live a comfortable and satisfying lifestyle. For evident motives, a boost in average wage all over Canada is a favorable growth for every resident of this nation. This is primarily valid for newcomers to Canada, who may often require additional funds than ancestral Canadians to support their household and establish a satisfying quality of living in a new nation. So, if the targets from the Normandin Beaudry survey ring accurate, new immigrants to Canada will gain significantly from the average wage increases that are targeted to begin next year.
As indicated by the currently publicized 2023 Best Nations ratings from United States News, Canada is already rated 3rd out of 87 nations in quality of life, trailing only Sweden and Norway. Considering this, the wage increases in 2024 should support and solidify the rigorous quality of life new immigrants can obtain in the nation.
