Household income prospects not looking up

Household income prospects not looking up

Household income prospects not looking up According to The Conference Board of Canada’s latest report titled Compensation Planning Outlook 2018, Canadians should not expect a substantial addition to their households’ coffers in 2018.

The study revealed that non-unionized employees across the country will see only a 2.4% increase in their salary next year, just slightly higher than the 2017 growth of 2.2%. Projected increases are highest in the pharmaceutical and chemical products industry at 2.7%, and lowest in the health sector at 1.6%.

Increases of 2.6% are expected in the real estate industry, along with organizations in construction, finance, and insurance.

The highest-demand postings remain IT specialists, management, accounting/finance, engineering, and skilled trades.

On a regional basis, Manitoba, Ontario, and Quebec lead the way in terms of projected increases, with wage gains ranging from 2.6% to 2.5%. Meanwhile, the lowest average base pay increases are expected in Alberta and Saskatchewan, at 2.1%.

“While the Canadian economy is firing on all cylinders this year, growth projections for next year and beyond show a slowing down of the economy. As a result, business leaders continue to exercise caution, keeping a cap on organizational spending and, by extension, salary increases,” according to Allison Cowan, director of Total Rewards Research, The Conference Board of Canada.

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