New salary survey predicts average increase of 3.64% in 2024

October 1, 2023

The projection for salary increases across Canada for 2024 is lower than what they actually were this year, according to TELUS Health.

Employers are projecting an average annual base salary increase of 3.64 per cent, excluding freezes for 2024 (3.56 per cent including freezes).

“In 2024, salary increases are slated to exceed the average for the past 20 years due to external market pressures, including increased competition for skilled talent across the country. That competitive environment has added significant challenges when recruiting new employees and retaining top performers,” says Guylaine Béliveau, national practice leader, TELUS Health Compensation Consulting Practice.

Source: HR Reporter