On Monday, 3 June 2024, the Fair Work Commission announced its decision on the annual wage review. Effective 1 July 2024, the National Minimum Wage will increase by 3.75%, rising to $24.10 per hour and $915.84 per week for a 38-hour week. This increase will also apply to all classification levels across the 121 Modern Awards.
With wage theft set to become a criminal offence in less than six months, ensuring compliance with the National Employment Standards, awards, or enterprise agreements is more critical than ever.
Essential Steps for Compliance
Before 1 July 2024, take these crucial steps to ensure you meet minimum wage requirements:
- Identify Coverage: Determine if your employees are covered by an award or an agreement.
- Payment Structure: Understand whether your employees are paid a wage (hourly rate) or a salary (annual rate).
- Classify Employees: Determine the correct award classification for each employee.
- Compare Rates: Compare current pay rates against the updated award rates to ensure compliance with minimum rates and entitlements.
- Consider All Entitlements: For inclusive hourly rates or annual salaries, consider inclusions such as hourly rates, annual leave loading, overtime, and penalty entitlements.
Need Assistance? Stay ahead with Business 360.
Navigating wage compliance can be complex and costly if you get it wrong. Business 360 is here to help. To confidentially discuss your needs, contact us at 1300 287 360, email info@business360.au or scan or click below to book a time with one of our team members.
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