Canadians to Receive an Average 3 Per Cent Pay Hike in 2011 - By: Molly Wider

Good news for Canadians. A recent survey by Mercer Consulting Services announces that many Canadian companies believe the worst is over when it comes to the recession and the financial crisis in general. It is expected that on average, Canadians will see a pay increase of about 2.9 per cent in 2011.

This is up from the average increase of 2.0 per cent in 2009 and the 2.7 per cent increase in 2010. It was also noted that people who work in the oil and gas industries would see the largest increases. Mercer's survey also showed that salary freezing should not be an issue in the upcoming year as it has been in the past where it was seen at its peak of 31 per cent in 2009.

Mercer also mentioned, "Employers project similar increases for all categories of employees (executive, management, professional, trades and clerical) at either 2.8 or 2.9 per cent ... Recent years have seen increases for executives come into alignment with the rest of the employee population."

Another study done by Aon Consulting came out with roughly the same conclusion, that most companies are preparing for an additional three per cent pay increase for employees in 2011. Aon Consulting has released a statement saying, "Overall, the dampening impact on salaries caused by the 2009 economic crisis is subsiding. Most employers are expecting to be in a position to afford more aggressive salary increases than they have implemented in recent years."

While 2010 has been a vast improvement for many when it comes to the economy and finances in general, there are still some that have not had such luck. Making ends meet each month still proves to be a challenge and any additional or unexpected expenses only add to this already stressful time. If you are one of the thousands of Canadians who are experiencing a difficult financial time and are in need of some extra money, there is help.

Many private lenders cater specifically to clients who are financially unstable as well as clients with no credit or with bad credit. Even better - getting a bad credit loan to help pay bills, repair a vehicle or consolidate the payments you already have is a great way to begin repairing your damaged credit rating.

If a potential salary increase isn't enough to get you out of a financial tough spot, do some research on possible lenders. With a little research to ensure you have a trustworthy private lender, you could be on your way to repairing your credit.

About the Author

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