Minimum Wage Increase 2024
The recently announced Fair Work Commission (FWC) 3.75% increase to the national minimum wage takes effect 01 July 2024. This wage increase will apply from the first full pay period starting on or after 1 July 2024.
This increase follows the Annual Wage Review 2023-2024 and will apply to all Modern Award rates of pay.
The new national minimum wage will now be $915.90 per week or $24.10 per hour.
The increase applies to anyone who is paid minimum award wages or the national minimum wage. For those covered by a registered Agreement please make sure you check your Agreement to see if this increase affects your employees.
The increase was determined through a review of cost of-living pressures that modern-award reliant employees continue to experience.
With the minimum wage increase there will be requirement for employers to ensure that their current rates of pay are in-line with the Modern Award provisions, or those that pay above are continuing to match these rates.
FiveSeven are available to assist our clients or those requiring assistance with ensuring their rates of pay are reflective of these changes, and those that are operating on rates outside of the Modern Award are still ensuring their employees are Better Off Overall.
FairWork has resources available to assist employers to navigate these changes.
You can subscribe to email updates and they will let you know when the new rates are available and when their Pay Tools have been updated.
If you want to read more about the decision you can read all about it here: 2023 - 2024 Annual Wage Review
If you have any questions or need support do not hesitate to contact us at solve@fiveseven.com.au
