BC, Ontario, and Quebec will particularly benefit from the trend
Consumers are likely to benefit significantly from an expected 4.2% increase in the national average base salary next year, according to a new poll of Canadian employers.
The survey, which was conducted by consulting firm Eckler Ltd., found that the greatest increases in average wages will be seen in British Columbia, Ontario, and Quebec. On the other hand, the lowest gains will be in the Yukon region, Nunavut, and Prince Edward Island.
By sector, the largest increases are likely to be in the technology sector (5.4%), while the smallest upticks will be in the education, health care, agriculture, and hospitality segments.
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Eckler said that aside from a tight labour market, the greatest pressure on Canadian organizations in 2023 will be the delicate balancing act between inflation, interest rates, and recession risks.
The survey also found that 44% of Canadian organizations have yet to decide on their 2023 salary budgets.
Statistics Canada recently reported that employment levels declined for the third straight month in August, with a loss of 39,700 jobs falling far short of earlier expectations of an increase of 15,000. The jobless rate stood at 5.4% in August.
