5 Employment Changes You Need to Know
Increase to national minimum wage
The Fair Work Commission’s Annual Wage Review 2023-24 decision increased award rates by 3.75%. This increase will applies from the first full pay period starting on or after 1 July 2024.
More info: https://www.fairwork.gov.au/about-us/workplace-laws/annual-wage-review/2023-2024-annual-wage-review
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Increase in paid parental leave
The amount of paid parental leave offered by the Federal Government for eligible workers has increased from 20 to 22 weeks commencing from 1 July 2024. The paid parental leave scheme will continue to increase by two weeks on 1 July of each year until 1 July 2026, when it reaches 26 weeks.
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Super Guarantee rate increase
From 1st July 2024 the superannuation guarantee rate increased from 11% to 11.5%.
More info: https://www.ato.gov.au/tax-rates-and-codes/key-superannuation-rates-and-thresholds/super-guarantee
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Concessional Superannuation cap increase
Concessional superannuation contributions (payments that are made into an employee's superannuation fund before tax) are taxed at a concessional rate of 15%, which is often lower than the rate paid if the money was taxed as income outside super. The cap increased from $27,500 to $30,000 on 1 July 2024.
More info: https://www.ato.gov.au/tax-rates-and-codes/key-superannuation-rates-and-thresholds/division-293-tax
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Right to disconnect
Eligible employees will have the right to refuse employer or third-party contact outside of working hours. This change starts on 26 August 2024 for non-small business employers and starts 26 August 2025 for small business employers.
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