More than 2.2 million Australians are set to better off after the Fair Work Commission (FWC) delivered a long-awaited pay rise. On Thursday, the body confirmed a 3 per cent minimum wage increase, to take affect July 1.
The minimum wage increase amounts to $740.80 per week, or $19.49 an hour, $21.60 more than the current weekly figure. All modern award minimum wages will also increase by 3 per cent.
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Employer Obligations: Minimum Wage In Australia
Understanding minimum wages in Australia is one of the most important elements to maintaining an effective cost structure when running a business. There are certain standards set in place by the Fair Work Commission which dictates minimum grades of pay for different job roles across all industries, and if you aren’t fully aware of each of your employees’ minimum wages, you could find yourself underpaying them.