Are you meeting minimum wage rates?
It’s that time of the year when the Fair Work Commission reviews minimum wage rates. All employers who pay their employees pursuant to an Award, and in particular those employers who pay close to Award rate, must review the new wage figures to ensure that they are still meeting their minimum wage obligations.
All new pay rates are now available on the Fair Work website.
- The decision increases minimum weekly wages by 2.6% from the previous year.
- The new national minimum wage is $622.20 per week or $16.37 per hour. This applies to employees who aren’t covered by an Award or enterprise bargaining agreement.
- Many allowances have also increased. All new allowance rates are now available on the Fair Work website.
- The high income threshold and compensation limits for unfair dismissal have also increased. This means that if you have employees who earn above $129, 300, it may affect Award entitlements and the entitlement to bring an unfair dismissal claim.
Don’t forget that the superannuation guarantee has also increased from 9% to 9.25% from 1 July. Superannuation is generally paid on top of minimum wages but not in all cases.
If you need our help with new wage rates or allowances, implications of the high income threshold or the changes to superannuation, don’t hesitate to contact us.