Prepare for the Increase
The National Minimum Wage and all modern award minimum wage rates will increase by 3.75%, effective from 1st July 2024.
The minimum wage will increase by 3.75% on July 1st 2024, up from $23.23 an hour to $24.10.
All modern award minimum wage rates are also increasing. To check which award applies to you, use Find my award.
When The Increase Starts
The new National Minimum Wage will apply from the first full pay period starting on or after 1st July 2024. This means if your weekly pay period starts on Monday, the new rates will apply from Monday, 1st July 2024.
What Can You Do Now?
Bookkeepers should assist employers in checking the updated wage rates in the applicable modern award, including when they will become effective. Then, wait for the Fair Work Ombudsman to update their pay tools, information, and resources with the new rates.
They expect to have these updated on 1st July 2024 for the first set of awards affected.
Information & Resources
The Fair Work Ombudsman (FWO) are currently working to update pay tools, website information and resources with the new pay rates, which will be ready from 1st July 2024. For further information, please read FWC – Annual Wage Review decision 2023-24 announced
Reminder – Other Upcoming Workplace Changes
1st July 2024 Superannuation Increase: The minimum percentage employers are required to pay is set to increase over time, with the next increase to 11.5% due on 1st July 2024.
Timeline of Changes
References
5th June 2024
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