Following the Annual Wage Review 2023, the Fair Work Commission announced a significant 5.75% increase to Award wages. In the media that followed, unions seemed to be happier than employer groups. Increases apply from the first full pay period starting on or after 1 July 2023.
At the same time, the superannuation guarantee rate will increase from the current rate of 10.5%, to 11%. As with most other payroll engines, Xero Payroll will apply this automatically.
Where Purpose is supporting clients with bookkeeping services, we are applying the relevant changes via Xero / payroll systems, to ensure employees have a seamless transition to the new pay rates.
For more information see the Fairwork website.
