New survey: ‘Robust’ salary growth into 2025 for Canada
October 22, 2024
TELUS Health is forecasting a 3.45% increase in average base salaries for non-unionized workers in Canada for 2025.
This is expected to outpace inflation for the first time in four years, mainly due to ongoing labour shortages. According to the Bank of Canada’s recent report, the projected salary increase surpasses the country’s current inflation rate of 2.0%.
“The persistent demand for skilled talent is driving robust salary growth into 2025, despite easing inflationary pressures on employers,” said Guylaine Béliveau, National Practice Leader of Compensation Consulting at TELUS Health.
“As inflation rates decline, employees stand to reclaim purchasing power lost in recent years. This shift could significantly boost individual financial wellbeing and overall workplace morale.”
With respect to salary structures in Canada, the forecasted increase for 2025 (2.72 per cent) is slightly lower than the actual increase implemented in 2024 (2.89 per cent).
Overall in 2024, 16.2% of participants applied a salary range structure freeze. Ontario saw the largest number of salary range structure freezes with 22.0% indicating “yes”. In 2025, 6.8% of the participants plan to freeze their salary range structures, says TELUS Health.
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