With news of high household debt levels and stagnant incomes, Canadian workers may finally have some positive economic news and a reprieve from the persisting global economic downturn that has inflicted many.
According to a study
by the Hay Group that was conducted with more than 500 public and private organizations in the country, Canadian employees are projected to receive an average raise of 2.9 percent in 2013.
Though the figure is a sign of good news for some, the number is still less than the projected three percent number in the United States and significantly lower than the forecasts prior to the beginning of the 2008/2009 recession.
Employees in the fields of oil and gas will see the highest raises as they are projected to get an average raise of 3.9 percent. Mining workers are expected to get a 3.6 percent increase, which is followed by workers in the chemicals industry, who are slated to see a 3.4 percent raise.
The sectors with the lowest projections are health care (two percent), media (2.2 percent) and government (2.3 percent).
When comparing the public and private sectors, the public sector will maintain the lowest salary increases (2.5 percent) and the private sector will see the 2.9 percent figure.
“These higher forecasts are more of a reflection of the demand for key skills — and the competition for skilled talent — rather than 'boom times,” stated the Hay Group in a news release
Due to heavy investment in natural resources by both the public and private sectors, resource-rich provinces will see much success. Alberta (3.6 percent), Newfoundland (3.4 percent) and Saskatchewan (3.2 percent) will lead the nation in wage increases. Meanwhile, Atlantic Canada is last with only 2.6 percent and the provinces of Quebec, Ontario, British Columbia and Manitoba fall below the average rate with only 2.7 percent.