Fair Work Commission boosts pay
The Fair Work Commission recently announced a decision that Australia’s lowest paid workers will receive an 8.6 per cent pay boost and award workers will get 5.75 per cent. This is great news for the hardworking employees of Australia, who are struggling to make ends meet in today’s tough economic climate.
For businesses, however, this decision can have a big impact on the bottom line, from higher wages to changes in overtime and penalty rates. It is important for business owners and employers to understand the implications of this decision and how it will affect operations.
The first key aspect of this decision is that minimum wage workers across Australia will receive an 8.6 per cent pay increase, which equates to an additional $23.23 per hour, or a total of $882.80 per week. This will apply from the first full pay period starting on or after 1 July 2023.
The second key aspect of this decision is that minimum award wages have also received an increase of 5.75 per cent, which will also apply from the first full pay period starting on or after 1 July 2023.
Finally, the Fair Work Commission has also made adjustments to minimum allowances, overtime rates and penalty rates as part of this decision. These changes will have a significant impact on businesses across Australia and are designed to ensure that all employees are paid fairly for their efforts.
By understanding the key aspects of the Fair Work Commission’s recent decision, business owners and employers can prepare for the impact it will have on their operations. It is important to ensure that all employees receive the pay and entitlements they are entitled to, in order to stay compliant with legislative requirements.
For more information feel free to contact the Fair Work Commission directly.
Do you need help with the changes made to the pay of low paid and award workers within your business? If so, please call James Burke or Adam Stencel on (08) 8941 6355 or email james@bowden-mccormack.com.au or adam@bowden-mccormack.com.au