Workers in Western Canada set for biggest raises next year
If you’re fortunate enough to be gainfully employed in Calgary, Saskatoon or Regina, next year could well bring with it a comfortable pay hike.
Alberta and Saskatchewan, whose resource-based economies are leaving the rest of the country in the dust, again top an annual monitor of wage growth across provinces and cities.
“[Alberta and Saskatchewan] are again buoyed by the demand for key skills in the resource industries despite the economic challenges in other sectors in these provinces,” Hay Group, a consulting firm who compiles the report each year, said in a release on Tuesday afternoon.
Salaries and compensation from oil and gas-related jobs generally is expected to climb 3.8 per cent in 2015. Those fields will continue to face a shortage of skilled labour next year, the survey said.
Jobs in the chemical and financial services fields will also post above average gains north of 3.0 per cent.
Regionally, aside from Alberta and Saskatchewan all other provinces are predicted to see average wage growth of between 2.1 and 2.6 per cent, Hay Group said, “which are at or below the national average.”
Participants in the yearly survey include many of Canada’s “leading employers” the release said. According to the survey, four out of five companies plan to provide “base” salary increases in 2015.
Projections for developed economies such as U.K. (2.5), Canada (2.6), U.S. and Australia (3.0) continue to lag behind those for India and China, where wages continue to surge at a clip of 10.7 and 8.2 per cent, respectively — although the 2015 forecast for China is below the 9.0 per cent gain in 2014.
Hay said more details of the survey will be released in September.