17 Aug 2023
accountants news

2023 Minimum Wage increase announcement

Last month the Fair Work Commission handed down their decision in relation to minimum wage increases.

From 1 July 2023, wages will increase as follows:

  • Minimum wage for award-free employees will be $23.23 per hour or $882.80 per week (an increase of $70.20 or 5.75%).
  • Minimum award rates for award-covered employees will also increase by 5.75%.

The new National Minimum Wage will apply from the first full pay period starting on or after 1 July 2023. This means if your weekly pay period starts on Monday, the new rates will apply from Monday, 3 July 2023.

Action:

It’s time to update your pay practices, if you haven’t already done so – and don’t forget to check employees on annualised salaries. With such a large award increase, annualised salaries may no longer cover award entitlements.

Also, when considering salary reviews for your employees, you will need to consider the employee super payments increasing from 10.5% to 11% from 1 July 2023.

Please contact our office and speak with one of our expert accountants if you need any assistance with this.

Preda – We Partner with our clients, to achieve their business and life goals.