Pay raises - MoneySense

Pay raises

Hoping your salary increase will be better next year? Don’t bet on it. Plus how much parents are spending on back-to-school essentials and more.

  • Canadians can expect average salary increases of 2.6% in 2014, according to a national survey of public and private sector employers conducted by the Hay Group. That’s less than what was projected for 2013 (2.9%) and way below numbers posted before the 2008/09 financial crisis. Workers in the oil and gas sectors can expect the highest pay bumps next year at roughly 4% while the public sector can expect the lowest increases.
  • It’s that time of year again: back to school shopping. A new poll for BMO suggest Canadian parents intend to spend an average of $428 per child on school supplies, clothing and technology. That’s an increase of 18.2% over last year! Of course spending varies by age. Parents of elementary school students plan to spend $170 per child on supplies whereas parents of junior/high school students and university students plan to shell out $226 and $572 respectively.
  • A Canadian has been arrested in Thailand for allegedly swindling $140 million from investors worldwide using a penny stock scheme. The “pump and dump” technique included buying controlling interests in sketchy startup companies, then artificially inflating their value by promoting them in fictitious emails, social media messages and news releases.