Pay rise of 3.6% across all Canadian sectors in 2024

Pay rise of 3.6% across all Canadian sectors in 2024

Canada brings in another positively uplifting news. As per the latest financial survey by Normandin Beaudry, a pay rise of 3.6% across all Canadian sectors in 2024 is to be positively expected. The Ontario-based financial management consultancy surveyed 700 companies and shared positive updates on the 2024 employment situations.

The key highlights of the same are the following:

• Firstly, across Canada, all workers are to get on an average 3.6% rise in salaries.
• Secondly, up to 3.9% salary hike is aimed at STEM sectors, accommodation, hospitality, real estate, and manufacturing occupations.
  • Besides, STEM occupations are a hot topic for Canada owing to the Express Entry category-based draws. Also, as 2023, is ending we can expect 28-31% ITAs to go to applicants from this sector.
  • Let us not forget, that as per the Express Entry (EE) report, one can see a higher selection of applicants from the Food Service Supervisors (FSS) [13,097 ITAs] and Cooks [4,624 ITAs] indicating a positive rise in ITAs for PR visa.
• Also, if we go by provincial growth in wages, we can see the following:
  • Quebec – 3.7%
  • Yukon – 3.6%
  • Ontario – 3.6%
  • British Columbia – 3.6%
  • Manitoba – up to 3.6% 
  • Nunavut – up to 3.6%
  • New Foundland and Labrador – up to 3.6%
  • New Brunswick – up to 3.6%
  • Nova Scotia – up to 3.6%
  • Alberta – up to 3.6%
  • Saskatchewan – up to 3.3%
  • Northwest Territories – up to 3.3%
  • Prince Edward Island – up to 3.3%
• In addition, as per the survey, only two per cent of companies show signs of a wage freeze.
  • This refers to no change in employees’ salaries for 2024.

What does a 3.4% pay rise across all Canadian sectors mean for newcomers to Canada in 2024?

The immigrants who stay and shall choose to settle in Canada, always focus on financial growth. And why not? Anyone who plans to study, work, and or settle in Canada, first goes for budgeting and then the rate of return on the investment. Besides, if you can not regain what you invested in your Canada dream then the whole purpose of financial growth falls flat.

This is a prime factor, why the new survey’s data shows promise of growth for people who are in Canada and people who will enter in 2024. A promise of a 3.4% to 3.9% hike in salaries is an alluring factor for foreign skilled workers. A promise that their investment in the Canadian dream is bound to pay off.

With fast-track immigration pathways for permanent residency and work visas, people will now be more eager and open to apply for a Canada Visa. So, before the visa queues get longer, give a CICC Licensed Immigration Consultant a call to fast-track your visa process.

In short, you can also take our Free Assessment to know which Canada visa you qualify to apply for. Contact Us to connect with an immigration expert NOW!