From 1 July 2024, the National Minimum Wage will increase by 3.75%.
The new National Minimum Wage will be $915.90 per week or $24.10 per hour.
The new National Minimum Wage will apply from the first full pay period on or after 1 July 2024. This means if your weekly pay period starts on Wednesday, the new rates will apply from Wednesday 3 July 2024. It's best to get organised beforehand so your payroll moves seamlessly.
The National Minimum Wage applies to employees who aren’t covered by an award or registered agreement.
Award minimum wage increase
The Commission has announced that minimum award wages will increase by 3.75%.
This increase will apply from the first full pay period starting on or after 1 July 2024. This means if your weekly pay period starts on Wednesday, the new rates will apply from Wednesday 3 July 2024.
Most employees are covered by an award. Awards are legal documents that outline minimum pay rates and conditions of employment in your industry or occupation. If you’re not sure which award applies to your employees, use the find my award tool at Fair Work.
To find out more about annual wage reviews click here.
What to do now?
Make sure you know which award each of your employees are paid under
Check employee records to see who is paid at minimum wage
Decide if all employees will receive the increase or only those paid at minimum award rate
Check the award to see if the increases have been advised as yet, the PACT Calculator is a great tool to assist with pay rates.
Note the changes that need to be made
Put a reminder in your calculator to update after last pay period in 23-24 financial year
Comments