Is the cost of living pushing you to get a new job? - CanadianInvestor CanadiansInvest Jobbio jobbio
Inflation in Canada hit a three-decade high in April, reaching almost 7%, everything from food, energy, gasoline and fertilizer has increased in price. Food Banks Canada says that nearly one in five Canadians has reported going hungry over the last two years, and it is clear that people are feeling the pinch in their pockets as prices rise.
Business leaders say they expect the inflation rate to still be more than 5% in a year’s time, and that labor costs will increase by 5.8% this year. But wages aren’t keeping up with the current high levels of inflation we are seeing. Sixty-four per cent of Canadian workers’ wages are falling behind rising inflation, says the Canadian Centre for Policy Alternatives .
“Contrary to suggestions that workers’ rising wages are contributing to rising inflation, the opposite is true,” confirms David Macdonald, senior economist at the CCPA. The news is particularly bad for those in the public sector, where, for example, workers in health care and social assistance only had a 2.1% increase annually over the past two years.
For those in the private sector – and in particular for those who are in roles that are in demand – there is more opportunity to move jobs and achieve a bigger salary bump. Benefits, too, can’t be overlooked as part of an overall compensation package. From additional paid time off to annual bonuses, shares plus additional retirement and family healthcare schemes, it’s worth negotiating with a new employer to see what value can be added on top of annual compensation.
If you are thinking about making a career move, we have three jobs worth checking out below as well as thousands more to browse on the
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