Big salary increases expected for many workers in Toronto next year Toronto
) will soon loosen up a bit, according to the results of an employer survey by Canada's largest actuarial firm." on Tuesday, revealing that Canadian employers are"projecting the highest salary increase in two decades" for 2023.After surveying hundreds of organizations"across diverse sectors and industries," the firm crunched what it calls"critical data on salary, pay administration practices, market trends and human resource priorities at Canadian companies.
Some parts of Canada could see salaries rise higher than others, with Ontario, Quebec and B.C. predicted to be among those with the biggest hikes. Yukon, Nunavut and Prince Edward Island are all conversely expected to see salary increases of between just 3.2 per cent and 3.5 per cent. The lowest performing industries in terms of salary growth are projected to be education , health care , agriculture and hospitality Survey results show that many employers also plan on beefing up their benefits over the next 12 months, putting an emphasis on diversity, equity & inclusion initiatives, talent retention and employee engagement.
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