Today the Fair Work Australia Minimum Wage Panel released their Annual Wage Review decision
The decision increases the minimum weekly wage by 2.9% to $606.40 per week (up from $589.30); or $15.96 per hour (up from $15.51 per hour).
All modern award minimum wage rates are also subject to the 2.9% increase.
The new minimum wages take effect from 1 July 2012.
Employers should satisfy themselves that employee wages will exceed the adjusted minimums effective 1 July 2012 in order to ensure compliance.
We are still waiting on confirmation of any further adjustments for the 2012/2013 financial year, for example with respect to the "high income threshold", the superannuation maximum contributions base and "genuine redundancy" tax free thresholds. We'll keep you posted.
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