How the minimum wage increase will impact your business
June 18, 2015
The Fair Work Commission has increased the national minimum wage by 2.5% as well as certain allowances in awards. This change will take effect 1st July 2015, or the first full pay period starting on or after 1st July 2015.
The new national minimum wage rate for a full-time adult will be $656.90 per week, or $17.29 per hour.
Tips to be ready for the increase:
- Ensure your pay slips and records are updated
- Apply the changes from the first full pay period on or after 1st July. So for example, if your business pays weekly Thursday to Wednesday, you will need to pay your employees the new rates for all hours worked from Thursday 2nd July
- Check your employees’ minimum wages to make sure the amount you’re paying covers their new entitlements. Allowances, loadings and penalty rates could also increase, so make sure you check these also.
If you would like more specific advice relating to which awards will be effected and how the increase will impact your business please contact the Key Business Advisors HR team on 1300 4 ADVICE.
