Minimum Wage Increase

The Fair Work Commission has made 2 big announcements:

  1. the minimum wage will increase by 5.2% from the 1st of July 2022 (this applies to all workers not covered by an award or registered agreement).
  2. award minimum wage will increase by 4.6% from the 1st of July 2022.

This means that the minimum weekly salary will equal $812.60 ($21.38 per hour).

Some industries will see the changes happen only from the 1st of October 2022. Those industries are:
– Hospitality Industry (general) Award 2020
– Tourism
– Airline Operators
– Registered & Licenced Clubs Awards 2020
– Airport Employees Award 2020
– Aircraft Cabin Crew Award 2020
– Marine Tourism and Charter Vessels Award 2020
– Restaurant Industry Award 2020

The main reason for the change is the increase in living compared to last year (2021).

The Fair Work Commission has also previously announced changes to Superannuation starting from 1st July 2022. The $450 monthly threshold has been removed, meaning that all employees, regardless of how much they earned during the month, are entitled to SG payments, and the superannuation payment will increase from 10% to 10.5%.

What Does This Mean for Employers?

Get ready for the change! If your employees are paid by award make sure they receive the minimum wage in their award.

Is Payroll stressing you out or you simply do not have the time for it? Call us today! At North Brisbane Bookkeeping we are certified BAS Agents and qualified bookkeepers.

North Brisbane Bookkeeping

Leave a comment

Your email address will not be published.