Minimum Wage Increases Are Coming!

The Fair Work Commission has handed down its 2024 Annual Wage Review decision.

The result of the decision is that:

• The National Minimum Wage will increase by 3.75% to $915.90 per week or $24.10 per hour.

• Modern Award minimum wages will increase by 3.75%.

The increase will apply from the first full pay period starting on or after 1 July 2024.

The primary consideration of the Fair Work Commission in this decision was the cost-of-living pressures that Modern Award reliant employees continue to experience.

You can read the decision (which provides more details of the Fair Work Commission’s reasoning) here.

Employers will need to ensure that their employees covered by Modern Awards are paid at least the minimum wage in their Modern Award, even if an enterprise agreement applies to them.

It is also a timely reminder for employers that the superannuation guarantee rate also increases on 1 July 2024 from 11% to 11.5%.

If you are unsure how the wage increases may affect your business, please contact our experienced employment and industrial relations team.