The Impact of Inflation on Compensation
Many Canadians are feeling the impact of inflation on their buying power. The costs for housing, fuel and groceries have risen sharply over the past few months. In April 2022, Canada’s Consumer Price Index rose to 6.8%, year-over-year – a three-decade high.
In April/May of 2022 Western Compensation & Benefits Consultants (“WCBC”) asked 180 Canadian employers what impact inflation was having on their compensation programs.