Great Mortgages. The Right Insurance. Expert Advice.
Canadian Employees Could See Average Salary Increases of 2.6%
Your Outline Financial Team.
Call or email at any time:
The 2.6% projected increase is the same as that in 2014, and lower than the 2.9% projection for 2013. Canadian projections have now fallen further behind the U.S. where American workers can expect an average increase of 3.0% in 2015, up from 2.8% projected for 2014.
Projected base salary increases for Canadian workers continue to be much lower than those of 3.7% before the 2008/09 economic downturn. U.S. projections were also considerably higher at that time.
According to the survey, 83% of Canadian employers will provide their employees with base salary increases in 2015.
Resource-based provinces continue to lead the rest of Canada
The highest increases continue to be seen in the oil and gas sector at 3.8% where demand for key skills continues to outweigh the strategic supply challenges that persist in the industry. Chemicals (3.3%), credit unions (3.2%), and financial services (3.0%) are all sectors with forecasts considerably higher than the national average of 2.6%. These high forecasts are also a continued reflection of the demand for key skills and experience.
Alberta (3.1%) and Saskatchewan (2.9%) will lead the country with projected overall base salary increases higher than the national average, these are again buoyed by the demand for key skills in the resource industries despite the economic challenges in other sectors in these provinces. All other provinces are predicting increases of 2.1 – 2.6%, which are at or below the national average.
Looking at the 2015 projections for major Canadian cities, workers in Calgary (3.2%), St. John’s (3.1%) and Saskatoon (3.0%) will see the highest salary increases.
For all organizations, actual base salary changes realized in 2014 were exactly as forecasted at 2.6%.
Projections by job level show that most positions will be at or just above the national average of 2.6%. Only unionized clerical positions will see average increases (2.3%) which are below the national average.
Alberta (3.1%) and Saskatchewan (2.9%) have the highest 2015 base salary projections in Canada.
BC’s projections will increase to the national average of 2.6%.
No change to the Ontario and the GTA projections of 2.5%.
No change to the Quebec (2.6%) and Maritimes (2.1%) from last year’s projections.
Projections for countries such as U.K. (2.5%), Canada (2.6%), U.S. and Australia (3.0%) continue to lag behind those for India (10.7%) and China (8.2%) although the 2015 forecasts for China are lower than the 9.0% made a year ago.