2018 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.

Read more: Canadian debt-to-disposable income load rises in Q2

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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