An increase of 3.75% per cent in modern award minimum wage rates start from 1 July 2024.
On 3 June 2024, the Fair Work Commission (FWC) announced a 3.75% increase in the National Minimum Wage, bringing it to $24.10 per hour. Additionally, minimum award pay rates will be adjusted by 3.75%, effective from the first pay period on or after 1 July 2024.
Potential Impacts on Employers
Budget planning—Companies will need to adjust their payroll budgets to accommodate any changes. This could impact financial planning and forecasting.
Compliance—Ensuring compliance with the new wage rates is crucial. Non-compliance can result in penalties and legal issues. If you are seeking to absorb the increase into over-Award payments, you should seek advice before doing so.
Employee relations—Clear communication with employees about wage changes will be essential to maintain transparency and trust.
How Effective Workplace Solutions Can Help
At Effective Workplace Solutions, we understand the complexities that come with wage adjustments. Our team of HR and employment law experts are here to assist you in navigating these changes seamlessly. Whether you need help with compliance, payroll adjustments, or understanding the modern awards, we are here to support you every step of the way.
Contact us today to ask us any questions.
Greg Arnold – Director & Principal Consultant
Disclaimer: This article provides a summary only of the subject matter without the assumption of a duty of care by Effective Workplace Solutions. No person should rely on the contents as a substitute for legal of other professional advice.