A frequently asked question in Canada, what is the salary of a nurse in this country?Well,we are going to take you through the gross and net pay of a qualified nurse in Canada and what determines the salaries of these professionals.
How salaries if nurses are determines in Canada
Salaries of nurses in Canada are determined by various factors. The first determinant is whether the hospital or organization the nurse is attached to is unionized. If the hospital is unionized, the pay is based on the salary grid negotiated in the Hospital Central Collective Agreement. If the institution is not unionized, the pay depends on the negotiation between an employee and his/her employer.
Another factor that influences salary scales of individuals is an individual’s bargaining power. If the nurse can negotiate well with the employer, the salary attached to them will be better than what the unionized employees earn.
Another important factor that determines the salary of a nurse is her area of specialization. Nurses who work in theatre often earn more than other nurses.
What is starting hourly wage for RN in Ontario?
Generally speaking, rates of RN pay are based on a years of service scales, and start at $21.75 per hour reaching as high as $40 per hour.
In acute care, new graduates are paid $30.17 hourly for annual salary of $58,831.50. The full-time RN base rate range run from first year pay of $28.08 an hour ($53,040 a year) to 25-year pay of $40 an hour ($78,000 a year), according to the Ontario Nurses’ Association.
Overtime pay is typically one and a half times the hourly rate. Advanced Practice Nurses, Nurse Practitioners and nurse managers (who have earned Masters degree or higher) earn higher salaries.
What is hourly wage for (an acute care) RN with five or more years experience in Ontario?
With five years’ experience, acute care nurses are paid $36.12 hourly for an annual salary of $70,434. An acute care RN practicing for 25 years is paid $43.61 an hour for an annual salary of $85,039.50. Can I work more to boost my pay?Working overtime, nurses can add to their salary at any pay grade by 20 percent or more.According to the Canadian Federation of Nurses Union, the average weekly share of nurses who worked paid overtime was 18.7 percent (relatively unchanged from 2010) or roughly 7.3 hours a week. So five years into your career, assuming you worked average paid overtime, that would add another $13,711.15 to your salary of $70.434.
What is a nurse’s salary in a remote region?
Nurses compensation can be higher in some remote regions. For example, Nunavut nurses’ base salary is between $81,081 and $120,900. On top of that, there is a northern allowance of up to $34,555; an annual special allowance of $19,500 and signing and monthly retention bonuses.
Finally, some remote regions will also pay for various professional development including education costs.
Is there a ceiling on how much money I can make as a nurse?
Yes and no. Salaries in clinical settings don’t vary widely, however once a nurse enters senior management in an organization or moves into teaching at a university, the pay can increase dramatically. Also, there are other methods (than working overtime) to boost your earning potential.
How can I pay off my student loan quicker?
Like all new graduates, you’re keen to pay down debt and start saving, maybe for a new car or house. The first challenge is to create a budget, says Bev Moir, a senior wealth advisor at ScotiaMcLeod. Moir was a Registered Nurse long before she entered the field of wealth management, so she has firsthand experience about financial challenges facing health care workers. She recommends asking for assistance creating a budget — which is really about setting short-term and long-term priorities — from a financially savvy relative, or using a resource like a book. Even a bank manager can help you prioritize your money flow without any additional costs, she says.
Do nurses face any unique financial challenges?
Nurses don’t face unique challenges per say. However, some of you, depending on your employer, may be offered extensive benefit and pension plans.
Based on this topic, several nurses revealed they gross pay,and here is the information.
I work in a unionized hospital in Ontario. My hourly pay is $41.7.On top of my salary is pension scheme, overtime and insurance health cover. I am comfortable with the salary”
“I work in a non-unionized hospital in a rural set up.I have been attached to one hospital for three years and my current hourly pay is $51.1.What I like about my job is that I negotiate the salary annually, meaning every year my pay is reviewed”.