Are you hoping to get a pay raise in 2024? Well, you might be in luck.

In September last year, actuarial consulting service Normandin Beaudry released the results of its 13th annual Salary Increase Survey and reported that Canadian organizations were “planning fairly substantial salary increases” in 2024.

Close to 700 companies across Canada took part in the survey.

Analysts found that Canadian workers could see an average pay increase of 3.6% in 2024.

Darcy Clark, senior principal of compensation at Normandin Beaudry, said that while a recession remained possible, organizations plan to grant increases of over 3% for a third year.

Forty-three percent of the employers surveyed planned to grant an average additional budget of 1% to salary increases for 2024.

According to the report, securing supplementary budgets has been a trend in recent years, driven by the uncertain economic landscape and competitive job market.



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