National Minimum Wage Increase - 1 July 2023
On Friday 2 June 2023, the Fair Work Commission delivered a substantial increase to the Australian National Minimum Wage in its annual wage review. This came into effect over the weekend, on July 1, and included the minimum wage rates in Modern Awards increasing by 5.75%. This increase applies to millions of Aussie workers and will have an impact on the payroll processes of a lot of businesses. Have you accounted for these changes yet? To make this update as easy to digest as possible for you and your business, we've put together a Minimum Wage Increase Factsheet. It covers:
Changes to the Modern Award Minimum Wage
Changes to the National Minimum Wage
When the changes come into effect
What it means for Australian employers