National Minimum & Award wages to rise by 3.75% from 1 July

Earlier this month, the Fair Work Commission announced its decision to increase National Minimum and Award wages by 3.75%. This includes the Awards common across our client base, such as SCHADS and the Children’s Services Award.
 
The increase applies from the first full pay period starting on, or after, 1 July 2024.

The new National Minimum Wage will be $915.90 per week (or $24.10 per hour).

Where Purpose supports clients with bookkeeping services, we will apply the relevant changes via Xero / payroll systems to ensure employees have a seamless transition to the new rates.

As a point of interest – we note that the ACTU had urged the Commission to apply an additional interim wage increase of 4% to a number of modern Awards, to address gender undervaluation. In the Decision though, the FWC announced that it will establish a program for the ‘timely resolution of gender undervaluation issues’ in certain modern Awards. The priority areas will include Awards and classifications applicable to a range of our client orgs, including:

  • Early childhood education and care workers; and
     
  • Disability home care workers and other social and community services workers.

The full Award FY25 rates tables are available on the FairWork website.

Super Guarantee (SG) rate rises to 11.5%

From 1 July, the SG rate will also increase from 11% to 11.5%. For most organisations, your payroll system will automatically take care of this change. Certainly this is the case for our clients using either Xero Payroll or Employment Hero, provided automated settings are in place.

2024-07-23T02:25:43+00:00 June 25th, 2024|NFP sector|