There’s some hopeful news for Canadian employees when it comes to their wages.
According to Statistics Canada’s latest jobs survey, the average hourly wage in Canada increased to an annual rate of 5.1% in May, up from 4.8% in April.
This means the average worker made $34.94 an hour last month, which is $1.69 more than the average wage last year.
Employment was little changed in May 2024 (+27,000; +0.1%) and the unemployment rate increased 0.1 percentage points to 6.2%
For more info: https://t.co/SwHFUu7YQs. pic.twitter.com/mfPBLZj1ja
— Statistics Canada (@StatCan_eng) June 7, 2024
This comes as Canada’s employment remains relatively stable, increasing by 0.1% in May, adding 27,000 jobs.
According to Statistics Canada, employment rose for young women aged 15 to 24 and for women aged 55 and older last month.
The unemployment rate in May rose by just 0.1% to 6.2% last month, seeing jobs decline among women ages 25 to 54 and young men.
When it comes to employment among provinces, Ontario, Manitoba and Saskatchewan saw an increase, while Alberta, Newfoundland and Labrador, and Prince Edward Island experienced declines.
As the country sees an increase in the annual average wage, minimum wage workers have also been getting raises.
BC’s minimum wage went up on June 1 by 3.9%. The province’s lowest-paid workers got a pay raise from $16.75 to $17.40 per hour.
It’s welcoming news for BC residents who are earning minimum wage while struggling with Metro Vancouver’s high cost of living.
However, some business owners say the hike will do more harm than good.
Several other provinces either raised or plan to increase the minimum wage this year, including New Brunswick, Yukon, Newfoundland and Labrador, Nova Scotia, PEI and Saskatchewan. You can see what dates they’ll be implemented here.
However, even with these pay bumps, Canada’s minimum wages aren’t necessarily “living” wages.
A recent report from recruitment firm Hays found that 71% of Canadians are looking to quit their jobs within the next 12 months — the highest number the organization has ever seen.
It says “wages that haven’t really kept up with inflation” are among the influencing factors.
You can learn more about “living” wages here.
What do you think about this increase in average hourly wage? Let us know in the comments.
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