The Fair Work Commission has announced this year’s Annual Wage Review Decision
National Minimum Wage Increase
Effective from 1 July 2024, the National Minimum Wage will increase by 3.75%.
This means that full-time or part-time employees in receipt of the minimum wage will receive the following rates before tax:
- $24.10 per hour, and
- $915.90 per week (based on a 38-hour week for a full-time employee).
This increase will see an extra $33.10 ‘in the pocket’ each week for full-time employees.
This will be effective from the first full pay period on or after 1 July 2024. For example if your pay period starts on Wednesday, the new rates will apply from Wednesday 3 July 2024.
National Minimum Wage Increase
Similar to the National Minium Wage increase, all Modern Award minimum rates of pay will also increase by 3.75% on 1 July 2024.
Most employees are covered by an award, which outlines the minimum pay rates and conditions in various industries and occupations.
If you need assistance determining which award applies to your employees, or the applicable minimum pay rates, please do not hesitate to Contact us.
Changes to Superannuation from 1 July 2024
As a reminder, the super guarantee rate will again rise from 1 July 2024. This will rise by another half percent, taking the minimum super guarantee from 11% to 11.5%.
The super guarantee rate will continue to rise by an additional 0.5% at the start of each financial year, until it reaches 12% in 2025.
Contact Us
At Allan Hall HR, we have a team of experienced HR consultants. To learn more about our services, please click here. Alternatively, please feel free to call us on 1300 916 764 or contact us here to discuss any questions you may have with us in regard to the National Minimum Wage Increase.