Build your financial security with OBT Financial Group – Lockyer Valley Business of the Year recipients and specialist financial advisers to individuals, business owners and farming families on accounting, tax, business advice and wealth planning for over 40 years.Important: National Minimum Wage and Modern Award Increases from 1 July 2023
The Fair Work Commission has announced its Annual Wage Review Decision, leading to changes in the National Minimum Wage and Modern Awards.
Effective from 1 July 2023
- The National Minimum Wage will rise by 5.75%
- Employees receiving the minimum wage will earn $23.23 per hour or $882.80 per week (based on a 38-hour week for full-time employees) resulting in an additional $70.20 per week
- All 121 Modern Awards will experience a 5.75% increase.
It is worth noting that if you have non-award employees who already receive wages above the National Minimum Wage, employers are not obligated to increase their salary/wages. The Fair Work Commission will release updated Pay Guides to align with their announcement.
To ensure compliance and a smooth transition, please follow these steps:
- Determine if your employees are covered by the National Minimum Wage or a Modern Award
- If a Modern Award applies, correctly classify your employees and confirm the minimum rates of pay — use Find My Award to clarify which awards apply
- Review the current rates of pay for your employees and adjust, if necessary, from the first full pay period starting on or after 1 July 2023.
Please note these changes to ensure compliance and fair remuneration for your employees.
Whilst most digital service providers will make automatic updates to payroll software to reflect the new SG rate, contact the friendly team at OBT in Gatton or Esk if you require payroll support or assistance.
