The end of financial year and the end of calendar year are optimal times to review your HR systems and processes to ensure you are paying your staff correctly. This can include checking new pay rates and superannuation requirements, reviewing employment contracts and agreements, reviewing any independent contractor arrangements, and auditing your payroll transactions.
Please note, the Fair Work Commission (FWC) has announced:
➤ the National Minimum Wage will be increased to $915.90 per week or $24.10 per hour
➤ a 3.75% increase to minimum award wages.
The increases apply from the first full pay period starting on or after 1 July 2024. The new pay rates for awards will be released by the FWC from 1 July, 2024. To receive your new 2024 pay guide, please ensure you are subscribed to the WorkPlacePLUS newsletter. Click here to subscribe >
A few other reminders:
➤ From 1 July 2024 the superannuation guarantee rate will increase from 11% to 11.5%.
➤ Effective no later than 26 August 2024, independent contractors who earn less than the contractor high income threshold, including employee-like workers, will be able to apply to the Fair Work Commission if they think their services contract contains unfair terms.
➤ Effective 26 August 2024, there will be new clearer definitions of employee and employer under the Fair Work Act, and new pathways for casual employees to convert to permanent.
➤ Make sure you always refer your employees to the most current version of the Fair Work Information Statement. An updated version of the Fair Work Information Statement will be available from 1 July 2024.
Employees must be paid at least their minimum pay rates and entitlements. For more information, please contact us today.
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