Canadian workers are forecast to receive an average salary increase of 3.6 per cent in 2024, with most organizations planning to maintain their initial salary increase budget from last summer, according to Normandin Beaudry’s pulse survey on salary increase projections.
The survey sought to confirm the 2024 salary forecasts established by the organization’s annual salary increase survey last summer. Since the release of the September survey, only 36 per cent of participants reported changes to their initial budget.
For organizations planning changes to their initial budget, 56 per cent intend to lower their salary increase budget, while 44 per cent intend to increase their initial budget. In Canada, the average salary increase budget forecast for 2024 remains steady at 3.6 per cent, which is the same as the summer forecast.