Annual Wage Review 2022-23 by the Fair Work Commission. These changes affect the National Minimum Wage, award minimum wages, and superannuation rates.
1. National Minimum Wage Increase: Effective from 1st July 2023, the National Minimum Wage has been increased to $882.80 per week or $23.23 per hour. This increase aims to ensure fair remuneration for employees across various industries and to support economic growth.
2. Award Minimum Wages Increase: In addition to the National Minimum Wage, award minimum wages have also been raised by 5.75% as part of the Annual Wage Review. This increase is applicable from 1st July 2023 and aims to maintain equitable pay rates for employees covered by specific industry awards.
3. Superannuation (Super) Guarantee Rate Increase: Starting from 1st July 2023, the superannuation guarantee rate will rise from 10.5% to 11%. This means that employers are required to contribute a minimum of 11% of their employees’ ordinary time earnings to their superannuation fund, helping individuals secure their financial future.
This increase will apply from the first full pay period starting on or after 1 July 2023. This means if your weekly pay period starts on Monday, the new rates will apply from Monday, 3 July 2023.
As a part of payroll management for our clients, we will review your payroll system and make necessary changes and if you haven’t signed up with us for payroll, we encourage you to review your payroll systems and ensure that the necessary adjustments are made to comply with these changes. It is crucial to update your employees’ wages, salaries, and superannuation contributions to reflect the new rates.
As always, our team is here to assist you with any questions or concerns you may have regarding these changes. Please feel free to reach out to us, and we will be more than happy to provide guidance and support.
Thank you for your attention to this matter, and we appreciate your cooperation in ensuring compliance with the updated wage and superannuation regulations. You Can Connect us for more updates and guidance.