Toronto - A new study predicted that Canadian labor expects an increase in the national average base salary by 4.2 percent next year. According to a report by the consulting firm Eckler Ltd., the expectations come at a time when institutions are trying to balance inflationary pressures, rising interest rates, recession risks, and a tight labor market.

British Columbia, Ontario, and Quebec are expected to have the highest average salary increases, with Yukon, Nunavut, and Prince Edward Island expected to have the lowest.

The largest increase in average salaries is expected in the technology sector at 5.4 percent. The smallest increases are expected in the education, healthcare, agriculture, and hospitality sectors. Survey results also show that Canadian organizations plan to use bonuses as a core part of their talent management strategy, with only one percent of institutions reporting a planned salary freeze for 2023.

Edited by: Yusra Bamtarf