1 July 2024 (and beyond): New Minimum Wage and Superannuation Updates
As businesses plan their budgets for the new financial year, estimating payroll costs is essential. This year, we are fortunate to have received an early announcement from the Fair Work Commission regarding their decision on the annual Minimum Wage Review. This early insight will allow businesses to better forecast their wage costs for the next…
As businesses plan their budgets for the new financial year, estimating payroll costs is essential. This year, we are fortunate to have received an early announcement from the Fair Work Commission regarding their decision on the annual Minimum Wage Review. This early insight will allow businesses to better forecast their wage costs for the next twelve months and make more informed decisions.
Announcement:
We share important updates recently announced by the Fair Work Commission that will directly impact your workforce. Starting from the first full pay period on or after 1 July 2024, significant changes are coming:
- Weekly Rate:
The new national minimum wage will be $915.90 per week, providing a substantial $33.10 weekly increase. - Hourly Rate:
Casual employees will now earn $30.125 per hour.
Why This Matters:
Cost of Living Relief:
We understand the financial pressures faced by workers across the state. These adjustments aim to alleviate some of those challenges.
Wages Growth:
Despite recent fluctuations, this increase aligns with forecasted wages growth across the economy.
- Superannuation Boost:
Remember that the superannuation guarantee contribution amount will rise to 11.5% from 1 July 2024 and continues to increase annually until it reaches 12% on 1 July 2025.
| Income year | SG rate |
| 2023-24 | 11% |
| 2024-25 | 11.5% |
| 2025-26 and onwards | 12% |
- Payroll Tax Free Threshold Increase:
Eligible employers now have greater flexibility in managing their payroll tax obligations. If your Australian wages fall below the new threshold, you’ll benefit from these adjustments.
As you manage your workforce, keep these changes in mind. If you have any questions or need further guidance, feel free to reach out to our friendly team at Blaze Staffing Solutions.
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