Welcome to our August monthly newsletter!
The Fair Work Commission has increased the national minimum wage by 5.2% and wages under modern awards by 4.6% for this financial year. It’s extremely important to review all employees pay rates at the start of each financial year and to make sure all employees are receiving at least the minimum benefits. Even employees who are being paid over the minimum rates should still be reviewed as their current rate may not cover the minimum payment anymore.
It’s also important to ensure these increases are included in your budget and included in any price increase calculations to ensure your business can cover the rising cost of wages. Please note that there are certain awards that won’t receive an increase until October of this year as those industries were greatly affected by COVID-19 including tourism, airline and hospitality awards. We can assist your business in payroll management if required so please contact our office if you are unsure on employee payments.