Minimum wage 2.4% increase

From 1 July the minimum wage will increase by 2.4%.   If you use payroll software to manage your employee pays you may need to update your system to ensure the new employee rates apply.  The Fair Work Commission is in the process of updating the awards, and these will be sent to employers when the updated pay rates are available.

Who does the increase apply to?

The increase only applies to employees that get their pay rates from the national minimum wage, or a registered agreement or a modern award.

This rise takes the new national minimum wage to $672.70 per week or $17.70 per hour. The national minimum wage applies to employees who aren’t covered by an award or agreement.

If you’re uncertain which award your employees are on you can refer to the List of awards at this link.

What you need to do

Once the Fair Work Commission has released the new rates for the award, take the time to review your team members who are affected.  Check you have them classified correctly based on their duties and update the rates in your accounting program (such as Xero, MYOB etc)

For additional information and advice, please contact your Evolve bookkeeper a call for help.

Jodie Thompson

Jodie Thompson

Jodie is a qualified CPA and company director having managed her own accounting and advisory firm for over 10 years. Jodie’s experience in establishing and growing businesses is second to none and her hands on approach and technical expertise is valued by our team and our clients alike.

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