Does this Impact Your Business?
The Fair Work Commission has handed down its annual wage review decision delivering a 3.5% increase to both the national minimum wage and the minimum wage for all Modern Awards.
The increases will come into effect from 1 July 2018.
Today’s decision increases the national minimum wage by 3.5%. The new national minimum wage will move to $719.20 per week or $18.93 per hour. This represents an increase of $24.30 per week.
It is important to note that this decision flows through to all Modern Award minimum wages which are also increased by 3.5%.
Don’t Get Caught Out
It is important that you are aware of these new rates and that you check the terms and conditions of any Award covering your employees to ensure that you will meet the new thresholds.
As we reported a few weeks ago, Fair Work has been targeting underpayments all year and currently has an audit program covering 1,000 businesses around basic employment entitlements, so this is something you need to be aware of and take action on. Remember fines for underpayments can be up to $63K per breach for your business with personal fines up to $12,600.
As always, Employee Matters is here to help and can support you via our Modern Award Classification service, or as part of our Employee Expert Retainer.
Contact us now to set up an initial Discovery Session.