New survey provides salary increase forecasts for 2023

December 28, 2022

In an updated survey of Canadian employers, Normandin Beaudry says the average increase for salaries is expected to be 4.2 per cent in 2023.

Conducted in November, the survey’s preliminary results show that more than two out of five (42 per cent) employers have upwardly revised their initial salary increase budgets for the coming year.

Organizations are under “high pressure” when it comes to increases, says the actuarial consulting service.

“The situation continues to ebb and flow as organizations try to adapt to these unprecedented financial times and difficult job market conditions.”

Source: HR Reporter