Employing staff just got a whole lot more expensive.The minimum wage (and minimum award pay rates) have just been increased sharply. Make sure your compliance isn’t left behind!
Summary of the changes
1. The National Minimum Wage has been increased to $882.80 per week or $23.23 per hour. The National Minimum Wage applies to employees who are not covered by an award or registered agreement.2. Award minimum Wages have been increased by 5.75%. The minimum wage refers to the amount of pay before tax is taken out (gross pay).
When does it come into effect?
Both increases will come into effect on the first full pay period on or after July 1 2023.
What do I need to do?
If you are a business whose employees are covered under an award – you’ll need to calculate your new rates of pay for your employees based on the applicable award and update your payroll systems by July 1 2023.If your employees are not covered by an award– you’ll need to ensure your payroll reflects the increase to the National Minimum wage by July 1 2023.
Underpaying your employees – whether accidental or not – can result in huge legal, financial and reputational repercussions.
Take the pressure & stress off your shoulders with our team. We can help you calculate the new rates you’ll need to pay your employees, and run a quick compliance check to ensure all your other employer obligations are being met! It’s always better to be safe than sorry, so please reach out to the team anytime (you can call the office or send an email).
You can call us on 03 9087 6949 or email email@example.com.