Canadians working full-time can expect only small pay increases in 2012 as global economic uncertainties hold down paycheques here, according to a new study.
New projections by the Hay Group suggest salary adjustments for next year will average 2.8%. That's up from 2.6% in 2011 but well below the 3.7% wage increased planned in 2009, just before the economic downturn. Actual wages increased 2.7% in 2011 — slightly better than anticipated.
"As an employee, you can expect to see your salary increase little more than inflation. Worldwide uncertainty continues to hamper wage expectations," said Karl Aboud, director of the Hay Group reward consulting practice.
Workers in the mining, oil and gas and financial services sectors will see the biggest pay increases, while those working in health care and government will take home the smallest pay increases.
Canadians can take comfort knowing salary expectations are better here than in the U.S., Germany, the U.K. and Japan. Pay increases will, however, lag behind those of India (11.7%), Russia (9.8%), China (8,4%) and Brazil (5.3%).
On a provincial basis, workers in Newfoundland and Labrador, Alberta and Saskatchewan should see pay hikes above the national average, while those in Ontario will come in below.