Each year, pay rates change from 1 July. These rates apply from the first full pay period on or after 1 July 2024, so it’s crucial that you understand what’s changed and how this will affect your business.
What’s changed?
The Fair Work Commission (the Commission) has announced a 3.75% increase to the National Minimum Wage and minimum award wages. This is applicable Australia-wide and you can be fined for not abiding by the updated rates. See below for updated rates, in effect as of 1 July 2024.
What does it mean for your business?
For your business, this means updating the rate of pay for all employees before the next pay cycle. These rates will apply to any time worked on and after 1 July 2024. Don’t forget that you can update these rates through Guardhouse payroll feature, so you don’t need to do it manually for every employee.
Still a little confused? Speak to a Guardhouse Customer Success Manager for help updating your rates – they’re also happy to answer any questions you may have.
