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Fair Work Commission Wage Review

Posted 15 Jun '23

Fair Work Commission Wage Review

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.

Annette Davies

Business Manager


 

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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