Increase in minimum wage
Today the Fair Work Commission announced the results of their annual wage review 2102 – 2013.
They announced an increase to the minimum wages by 2.6%.
The minimum wage rate has been increased by $15.80 per week which increases it t $622.20 per week (or $16.37 per hour).
This increase is effective 1st July 2013.
What does this mean for you?
- If you are paying an employee strictly as per an Award, then this will increase their wages effective 1st July 2013. Refer to the Award on line to get the updated rate.
- If you are paying an employee above award (which in most cases means there should be an Individual Flexibility Agreement) then you will need to keep this in mind when reviewing salaries and ensure you continue to meet minimum requirements, taking into consideration allowance, penalty and overtime rates as prescribed in awards. We recommend this be reviewed annually. When reviewing salaries some other considerations are business performance, individual performance and behaviour.
- If you pay employees that are not covered by an award, then keep this increase in mind when reviewing salaries together with business performance, individual performance and behaviour.
If you have any questions or require our assistance please do not hesitate to contact us.