(Montreal) Quebecers will probably receive a smaller salary increase in 2024 in a context of economic slowdown and moderation of inflation.
Employers plan to grant, on average, salary increases of around 3.7% in 2024, according to the updated report on 2024 salary forecasts from the Order of Chartered Human Resources Advisors.
In recent years, the Order had adjusted its forecasts upwards when updating, but the organization’s forecasts remained unchanged after six months. The general director of the Order, Manon Poirier, sees this as a sign of stabilization.
“Quebec workers should start preparing for increases that could be smaller than those received in recent years,” warns Mme Poirier.
“The increase forecast for 2024, however, remains very high compared to historical normals. Even the sectors of activity which are at the bottom of the ranking plan to offer increases this year which should make it possible to preserve the purchasing power of their workers,” she adds.
The gap between different sectors has also narrowed. The gap is just 0.7 percentage points between the industries forecasting the highest and lowest increases. This is a contrast to last year’s differences.
The Order reminds that its exercise remains a forecast. In 2023, compensation firms anticipated increases of 4.1% in 2023. Weekly compensation, including overtime, actually increased by 3.7%, according to Statistics Canada data.