Insurance salaries rocket in Canada – find out by how much

Check out the wage increase statistics for a host of industries and province by province

Insurance salaries rocket in Canada – find out by how much

Insurance News

By Lyle Adriano

The latest data from a statistics agency has revealed that the finance and insurance sector experienced a noticeable uptick in its weekly paycheque in 2016.

Statistics Canada said that the sector’s average paycheque saw a 10% increase last year, to $1,342.15 a week.

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The data found that the average weekly paycheque for non-farm workers was $961 last December, representing a year-over-year growth of 1.2%.

According to Statistics Canada, the information and cultural industries saw the highest increases to their pay packets; on average, both sectors saw raises over 10% last year to $1,350.48 a week.

The highest-paid workers on average, however, are those in the mining, quarrying, as well as the oil and gas extraction sectors. Those workers saw their weekly paycheques jump 5.1% last year to $2,096.62.

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Employees in retail, accommodation, and food services, however, saw cuts to their already relatively low pay. In retail, pay declined by 2.1% to $566.17 a week. The accommodation and food services industries took a 1.9% hit in their weekly paycheque, down to $373.12.

The report also listed the average wage gain per province last year:
Region Average wage gain last year
P.E.I. 3.2%
New Brunswick 3.1%
Quebec 2.1%
Saskatchewan 1.8%
Ontario 1.6%
Canada 1.2%
Nova Scotia 0.9%
B.C. 0.9%
Manitoba 0.6%
N.L. -0.2%
Alberta -1.5%

Other data from Statistics Canada’s report suggests that the workforce is shifting toward more part-time work and self-employment.


Related stories:
Canada economy shows uptick
Insurance salaries up as wages stay flat nationally

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