As employers plan their salary increase budgets for 2024, inflationary pressures, economic uncertainty and a high demand for talent have created a continuing challenge.
To help with the salary planning process and to provide insight into what is happening in the market, below is a summary of salary increase projections for 2024 that have recently been published in Canada:
- Actual average salary increase in 2023 (in Canada): 4.1%
- Projected salary increase for 2024 (in Canada): 3.6%, with up to an additional 1% for other salary adjustments
- Projected salary increase for 2024 (in BC): 3.6%
- Actual average salary increase in 2023 (in Canada): 4.22%
- Projected salary increase for 2024 (in Canada): 3.64%
- Projected salary increase for 2024 (in BC): 3.91%
- Actual average salary increase in 2023 (in Canada): 4.4%
- Projected salary increase for 2024 (in Canada): 3.9%
- Projected salary increase for 2024 (in BC): 3.9%
- Projected salary increase for 2024 (in Canada): 3.3% for merit increase
- Projected salary increase for 2024 (in Canada): 3.7% for total salary increase budget (includes merit increases plus other base salary increases such as promotional pay increases and cost of living adjustments)
Please note: All salary increase projections above exclude companies planning for a salary freeze in 2024.
Overall, salary increase projections for 2024 are slightly lower than the actual salary increases provided in 2023. For specific salary increase projections by province and by industry, please look at the specific survey links for more information.
Please feel free to contact us if your BC-based small business requires assistance with planning your 2024 compensation strategy.
Posted October 19, 2023
