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With current inflation (increase in prices of gas and food), what can be the ideal budgeted increase for 2023 for your employees?
The Bank of Canada has a CPI Calculator – http://www.bankofcanada.ca/rates/related/inflation-calculator/
They also have a 5-year forecast – http://www.bankofcanada.ca/rates/staff-economic-projections/
Our organization is publicly funded so increases are dictated by our ministry approved budget.
We are still in the process of making a decision. But thinking to have 2% increase in the salaries.
We went with 3% over all this year
We have to take our cost of living to Chief and Council each fall for approval, I think this year looking at the numbers, we will be recommending 3-3.5% depending on what the inflation calculator says for September numbers. Last year we were very fortunate and received 7% for COLA adjustment.
Thanks Tracy. This is helpful
Our organization hasn’t updated our pay scale since 2013, as the premier did a wage freeze and did cuts all around.
Would you be able to share projected salary increase for 2024 in your organization?
It depends on what sector you are in. Not for profit organizations such as what Denise mentioned on this thread, those who are heavily reliant on government contracts do not have a lot of flexibility financially. My organization is unionized so increases are per the Collective agreement. To get an ideal estimate of what the wages increases should be, I would assess factors such as organizational priorities, competitiveness within the sector you are in, and other relevant factors. This forecasts from Canadian HR Reporter maybe a good resource for you which can be accessed through this link https://www.hrreporter.com/focus-areas/compensation-and-benefits/forecasts-for-salary-increase-budgets-rise-again/373308. Hope this helps.
3% I would assume
Thanks for sharing this, Mark!
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