The new financial year is the perfect time for your business to review employee remuneration and make sure you are paying employees in accordance with any applicable awards or minimum wage.
On 1 July, the national minimum wage increased to $21.38 per hour (up from $20.33) or $812.60 per week (up $40 from $772.60) based on a 38-hour week for a full-time employee. This increase applies from an employee’s first full pay period starting on or after 1 July 2022. Casual employees entitled to the national minimum wage must receive a minimum of $26.73 per hour, which includes their 25 percent casual loading.
Most award employees will also be recipients of a pay increase effective from 1 July 2022 or for 10 awards in the aviation, hospitality, and tourism industries on 1 October 2022.
Now is the time to review your wage arrangements and ensure you comply with the increased minimum levels, even if you pay your employees an annualised wage.