Pay increases expected to edge lower in 2024, report predicts

Raises expected to shrink

A new survey by consulting firm Eckler suggests pay increases in Canada next year will edge lower compared what has been seen this year.

The firm says the national average base salary for 2024 is projected to increase 3.9 per cent, excluding planned salary freezes. The result would be down from the actual national average base salary increase this year of 4.4 per cent.

Anand Parsan, national compensation practice leader at Eckler, says while organizations are continuing to grapple with ongoing economic uncertainty and a tight labour market, the survey shows that many are projecting salary increases close to recent highs.

For 2024, the report says Alberta, British Columbia and Prince Edward Island are projecting the highest average salary increases with a range of 3.9 per cent to 4.0 per cent.

The highest projected average salary increases by industry next year are expected to be in mining at 7.3 per cent, information technology and high technology at 4.7 per cent and professional, scientific and technical services at 4.4 per cent.

Eckler says the report also indicated that compensation remains a vital component in attracting and retaining staff with fewer than one per cent of the companies surveyed reporting a planned salary freeze.

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