New Wage & Super Increase now in effect!

Getting ready for your first pay run from 1 July 2024, onwards?

Remember, wages will rise by 3.75% and super 11.5%. Have you reviewed the updated minimum award rates and adjusted the new super rate?

Here are resources from the Fair Work Ombudsman to help you find out the new rates that apply from the first pay period starting on or after 1 July 2024:

• use the Pay and Conditions Tool to calculate the new pay rates?
• visit to the Pay guides page to access the latest pay guide for your award.?If you're unsure about which award applies to your employees, ask Edwards HR!
• super guarantee (compulsory employer contributions) have increased from 11% to 11.5%, check your payroll system has updated this as it may fall part-way through a pay cycle. Super will continue to increase by 0.5% each financial year until contributions reach 12% in 2025. You can find out more about the further increases on the ATO website .

REMEMBER: Wage compliance is a significant area of focus for the Fair Work Ombudsman so it’s important you get it right. There are heavy penalties and costly backpay obligations that may result if employers do not act on these changes. From 1 January 2025, wage theft also become a criminal offence , with increased penalties.

Find the updated version of the Fair Work Information Statement here.

Other changes

There are other changes employers and employees should know about:

WHERE CAN I GET HELP?

This is a yet another change for employers this year, and wage compliance remains a significant area of focus for the Fair Work Ombudsman so it’s important you get it right. Unfortunately, it’s also tedious and time consuming so let us help you!

Contact the Edwards HR team to understand how this decision may impact your business or to discuss how we can look after your wage assessment compliance needs.