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Minimum Wage Increase

If you have staff on minimum wages you should be aware that the national minimum wage will increase on the 1st of July, 2023. At the time of this post, the size of the increase is yet to be announced.

The new National Minimum Wage will apply from the first full pay period on or after 1st July 2023. This means if you have a weekly pay period that starts on Mondays, the new rates will apply for the first full pay period that starts on 1st July 2023.

This is something that you should factor into your new year budget. At the same time you should also consider the increased Super Guarantee amounts that you will need to pay all staff from July 1.

Below is an example of when the new rates will apply

Rebecca runs a small hairdressing salon with 5 staff. Her payroll week is Monday to Saturday, with the payroll payment date being Monday of the following week. Her first payroll pay run for the 2023/24 financial year payment is on Monday, 3rd July 2023. That remains at the previous wage rates. The next pay period starts on Monday 3rd July until Saturday 8th July. The new wage rates will apply for the pay period starting 3rd July.

If you need a hand with this, your Bookkeeper can assist you in checking the updated wage rates for your modern award once the Fair Work Ombudsman updates their pay tools, information, and resources with the new rates.