Minimum Wages have increased – has this been implemented in your business?

As we have previously advised, on 1 July 2024 rates of pay were increased following the Fair Work Commission’s Annual Wage Review. 
 
This means that the new National Minimum Wage for full-time award free employees will increase to $915.90 (or $24.10 per hour) with casual employees receiving an additional 25% loading on the new hourly rate of pay. For Award employees, minimum rates of pay will also be increased with Fair Work publishing updated rates of pay on their PACT calculator and also in their pay guides (to be released early July).

If your business is already paying rates higher than the new applicable minimum wage, there is no need to increase the rates of pay. If, however, the new rates are more than you are currently paying your employees, you need to increase that rate from 1 July from whenever the first pay period is in the new financial year. Please note that Fair Work is not forgiving if an employer does not pay their employees at least the minimum rates of pay.

You also need to be aware that the superannuation guarantee rate also increased from 11% to 11.5% on 1 July 2024.
 
You can also download the updated Fair Work Information Statement from the Fair Work Ombudsman website at: https://www.fairwork.gov.au/employment-conditions/information-statements/fair-work-information-statement#the-FWIS.