In a survey carried out by financial management consulting company Normandin Beaudry, it has been revealed that Canadian laborers are likely to see a pay hike 2024 of 3.6% in the year 2024. This data indicates that Canadian laborers are on track to experience a significant pay raise in 2024.
After surveying over 700 organizations throughout Canada, the Ontario-based company has discovered a number of noteworthy results that are pertinent to workers. While some of these results suggest that things will get better in the future, others give rise to worries about possible pay stagnation. The upcoming conversation will examine the survey results that Normandin Beaudry gave, offering an analysis of their significance for the Canadian population, with an emphasis on the potential implications for recent immigrants.
Results of Survey
Apart from the estimated 3.6% increase in average income, the Normandin Beaudry survey reveals an astonishing finding: only 2% of businesses plan to introduce pay freezes by 2024.
It is imperative to recognize that prior to the COVID-19 outbreak, the frequency of wage freezes generally ranged from three to five percent.
Moreover, this thorough investigation has produced several noteworthy discoveries, such as:
Roughly forty-three percent of the businesses surveyed said they planned to add one percent to their typical pay budget.
Pay rises in some industries are probably going to be higher than the national average—they might be as high as 3.9%. These industries include real estate, manufacturing, food services, lodging, and STEM.
Remarkably, STEM jobs are in great demand across Canada, as seen by their prominent placement in the country’s Express Entry category-based lotteries. One of the six main categories for Canadian immigration via the Express Entry system, according to the federal government, is STEM vocations. Anticipated active voice: Applicants in this category are expected to receive 28-31% of the remaining Invitations To Apply (ITAs) for 2023.
Additionally, the 2021 Express Entry year-end report shows that the accommodation and food services sector accounted for two of the top five vocations most frequently awarded to successful Express Entry candidates: food service supervisors (13,097 ITAs) and cooks (4,624 ITAs).
In 2024, specific provinces, including Quebec (3.7%), Yukon (3.6%), Ontario (3.6%), and British Columbia (3.6%), anticipate experiencing salary increases equal to or surpassing the national projected average.
Conversely, Canada foresees that its other nine provinces and territories will experience wage increases slightly below the national average of 3.6%.
It’s important to note that employed Canadians in Saskatchewan, Prince Edward Island, and the Northwest Territories anticipate wage increases of 3.3%.
Implications for Immigrants to Canada
Globally, income from work strongly correlates with financial security, and this significantly impacts our overall standard of living. As a result, any rise in the average pay across Canada is a welcome development that will have a significant impact on every citizen.
This effect is more noticeable for immigrants to Canada, who occasionally need to make more money than citizens of the country to support their families and build a pleasant life abroad. Therefore, if the Normandin Beaudry survey’s predictions come to pass, immigrants to Canada stand to gain a great deal from the expected pay rises in the next year.
According to U.S. News’ 2023 Best Nations rankings, Canada now holds the third position among 87 nations in terms of quality of life, trailing behind only Sweden and Norway. Given this, the anticipated pay rises in 2024 ought to contribute to the already excellent standard of living that immigrants can experience in this friendly nation.
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