(Toronto) Wage increases in Canada next year will be slightly lower than this year, suggests a new survey by consulting firm Eckler.
The company says the national average base salary for 2024 is expected to increase by 3.9%, excluding planned salary freezes. The result would be lower than the national average actual increase in base pay this year of 4.4%.
According to Eckler’s National Compensation Practice Leader, Anand Parsan, even as organizations continue to face continued economic uncertainty and a tight labor market, the survey shows many are planning salary increases close to recent highs.
For 2024, the report says Alberta, British Columbia and Prince Edward Island are projecting the highest average wage increases, in a range of 3.9% to 4.0%.
The highest projected average wage increases by sector next year are expected to be in mining at 7.3%, information technology and high technology at 4.7%, and professional, scientific and technical services, at 4.4%.
Eckler’s report also states that remuneration remains a key element in attracting and retaining staff, with less than 1% of companies surveyed reporting that a salary freeze is planned.
