Minimum Wage, Superannuation & Other Upcoming Changes

Wages, Super & Other Upcoming Changes

What’s Happening?

The Fair Work Commission has shared some important updates:

  • The National Minimum Wage is set to rise to $882.80 per week or $23.23 per hour.
  • There will be a 5.75% increase in Minimum Award Wages.

These increases will apply from the first full pay period starting on or after 1 July 2023. This means if your weekly pay period starts on Monday, the new rates will apply from Monday, 3 July 2023.

How does this impact employers?

Before July 1st, employers should:

1. Evaluate the minimum pay rates as well as the terms for employees covered by an Award, preparing for adjustments in the first pay cycle of July.
2. Assess the salaries of Award-covered employees, ensuring they are financially better off than if solely compensated under the Award.
3. Check the base pay rates of employees under any enterprise agreement, ensuring they match or exceed the updated base rate under the Award.
4. Inform your team members of these updates.

What else is changing?

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Source: Fair Work Ombudsman 
Compiled & Edited by Tailored Accounts

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