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Lower Labour Costs in Greater Montréal

February 12, 2013

Greater Montréal still has a significant labour cost advantage. According to KPMG data (2013), Montréal businesses in a number of high-tech sectors quite simply have lower labour costs than their competitors elsewhere in North America.

Finance sector companies in Montréal, for instance, pay their employees an average annual salary of $68,500. With the additional of approximately $22,640 in employer-paid required and optional employee benefits, the total average compensation amounts to $91,140 per employee. For companies in the Toronto area, the cost of total compensation averages $97,820 per employee. According to these figures, labour costs in Greater Montréal are 7% lower than in Toronto. If we compare labour costs in Montréal and New York, the difference is 25%.

Total Average Labour Cost (USD) per Finance Sector Employee – Selected Canadian and U.S. Metropolitan Areas, 2012

Average Salary Employee benefits (required and optional) Total compensation
Montréal 68,500 22,640 91,140
Toronto 74,600 23,220 97,820
Philadelphia 76,080 30,206 106,286
Chicago 78,240 30,920 109,160
Boston 82,840 30,100 112,940
New York 87,200 33,840 121,040

Note: Exchange rate: 1 USD = 1 CAD Source: KPMG, 2013 Data compiled by: Montréal International

This brief column contains labour cost data for the finance sector. For an overview of business operating costs, please consult the Data Centre section on Montréal International’s website.

Francis Langlois, Analyst, Economic Research Division

Note : Taux de change : 1 $ US = 1 $ CAN  Source : KPMG, 2013 Compilation : Montréal International

Dans ce bref billet, nous avons décidé de vous présenter les données pour le coût de la main-d’œuvre pour le secteur financier, mais il est possible d’avoir un portrait plus général des coûts d’exploitation en consultant la section Centre de données du site web de Montréal International.

Francis Langlois, analyste, Direction des études économiques

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