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More pay boosts possible this year amid tight labour market, inflation: experts

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The combination of a fiercely competitive job market and the still-rising cost of living will likely lead to more companies boosting employee pay this year, experts say.

RBC economist Claire Fan says given the current labour environment, "wage gains might still accelerate."

Canada's big banks are some of the companies announcing increases to employee pay in recent months. Canadian Imperial Bank of Commerce is one of the latest ones to do so. "Companies should have some buffer to withstand higher wages given extremely elevated consumer demand at the moment which is expected to continue to support business output, at least until the end of year," she said.

She warns, however, that there will be significant negative effects on workers, like layoffs, if the Bank of Canada deflates the economy too much through interest rate hikes. With the U.S. Federal Reserve hiking its key interest rate by three quarters of a percentage point last Wednesday there is a sense among some economists that Canada's central bank could follow suit in July, while others expect another half percentage point.

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