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On 2 June, the Fair Work Commission announced its annual wage increase. The increase applies from the first full pay period starting on or after 1 July 2023.
What is the increase?
Most employees are covered by an award that outline minimum pay rates and conditions of employment for a specific industry or occupation. The Fair Work Commission announced that for employees covered by an award, the minimum award wages will increase by 5.75%.
For staff who are not covered by an award or registered agreement, the National Minimum Wage will increase by 8.6% to $23.23 per hour or $882.80 per week.
What do I need to do now?
Employers will need to review your team’s minimum wage entitlements and ensure that you are applying the increase from 1 July 2023.
The Fair Work Ombudsman will update pay tools and resources with the new rates to be accessed from 1 July 2023.
If you are unsure which award applies to you, you can use Fair Work’s Find my award to help.
Superannuation
Don’t forget that from 1 July 2023, the superannuation guarantee rate will increase from 10.5% to 11%.
If you would like help reviewing your team’s remuneration in order to meet the new rates, contact your WDF team member on 02 6921 5444 or email accountants@wdf.com.au. We can also provide a market analysis of remuneration and benefits.
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WDF Accounting and Advisory | Accountants Wagga | Your partners in business
Providing carefully tailored accounting solutions in business advisory, tax compliance, bookkeeping, Self-Managed Super funds, and more.
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