It’s salary planning time for many employers and we have been regularly asked to provide salary increase projections for 2025. To help employers with their annual salary planning process, we have summarized below a number of salary increase projection reports that have been recently released:
- Actual average salary increase in 2024 (in Canada) – 3.6%
- Projected salary increase for 2025 (in Canada) – 3.4%
- Projected salary increase for 2024 (in BC) – 3.3%
- Actual average salary increase in 2024 (in Canada) – 3.8%
- Projected salary increase for 2025 (in Canada) – 3.6%
- Projected salary increase for 2025 (in BC) – 3.9%
- Actual average salary increase in 2024 (in Canada) – 3.67%
- Projected salary increase for 2025 (in Canada) – 3.45%
- Projected salary increase for 2025 (in BC) – 3.6%
- Projected merit increase budget for 2025 (in Canada) – 3.0%
- Projected total salary increase budget for 2025 (in Canada) – 3.4% (includes merit increases plus other base salary increases such as promotional pay increases and cost of living adjustments)
- Actual average salary increase in 2024 (in Canada) – 3.9%
- Projected salary increase for 2025 (in Canada) – 3.5%
Western Compensation & Benefits Consulting
- Projected salary increase for 2025 (in Canada) – 3.5%
Please note: All salary increase projections above exclude companies planning for a salary freeze in 2025.
Overall, salary increase projections for 2025 are lower than the actual salary increases provided in 2024. For specific salary increase projections by province and by industry, please look at the specific survey links above for more information.
If your small business needs help with planning for your 2025 salary increases, please feel free to reach out to us.
Copyright Clear HR Consulting Inc. All rights reserved. Posted on December 17, 2024.
