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Wages expected to go up, but workers’ spending power could still drop after inflation

TORONTO —
A brand new survey says wages are going up in Canada, with employers projecting a mean annual pay enhance of two.5 per cent for subsequent 12 months.

When excluding organizations which are planning wage freezes, the ballot discovered common salaries are anticipated to rise 2.7 per cent in 2022.

The LifeWorks survey demonstrates rising confidence within the nation’s financial outlook in contrast with final 12 months’s projection, when employers forecasted a rise of 1.9 per cent together with freezes.

Nonetheless, the wage estimates fall beneath Canada’s rising inflation charge, which may depart employees with much less spending energy regardless of wage hikes.

Statistics Canada says the buyer value index in August rose 4.1 per cent in contrast with a 12 months in the past — the most important year-over-year inflation enhance since March 2003.

In the meantime, the best wage will increase are anticipated within the wholesale commerce business, the place common salaries excluding freezes are anticipated to climb 3.1 per cent, adopted by three per cent wage will increase projected within the development, lodging and meals providers, and data know-how sectors.

This report by The Canadian Press was first printed Sept. 15, 2021

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