Get Ready! Minimum Wage Increase Coming Soon
We're here to share an important update about the upcoming increase in minimum wage rates which are rising by 1.9%, set to take effect from 1 April 2024, as announced by the Workplace Relations and Safety Minister.
Here's the scoop:
The minimum wage will rise from $22.70 to $23.15 per hour.
The tarting-out and training minimum wage: will rise from $18.16 to $18.52 per hour.
Ready or not, change is on the horizon! As a savvy business owner, it's essential to gear up for these adjustments. But fret not - we've got you covered with some handy tips to ensure a seamless transition:
Are You Ready for This Change?
What does this mean for your business?
The minimum wage will increase from $22.70 to $23.15 per hour
The starting-out and training minimum wage will increase from $18.16 - $18.52 per hour
What are some Key things your business can do to get ready for this?
Upskill on Minimum Wage Obligations
Are you well informed of the updates and your obligations?
Consider your Employee Pay Relativity
Assess the potential impacts these changes may have on your business; other employees may seek negotiations for an increase to maintain relative differences in pay scales.
Review your Employment Agreements
Have you checked that all of your employees have a current employment agreement? This may be the perfect time for you to update your employment agreements and get all your ducks in a row.
Update your Business Budget
Have all of the information in front of you, update your short or long-term budget to forecast these changes and delve into your expectations for the future.
Check your Payroll Systems and Processes
Once you are ready to go and have your ducks in a row, ensure that your payroll provider, accountant, lawyer, HR, and/or finance teams are ready to implement any changes in time for April 1st.
Advise your Team
Ensure you make clear communication with your team members on any changes that involve them.
Take these proactive steps to gear up for the changes and ensure compliance with the updated minimum wage rates.
Should you have any questions or require further assistance, don't hesitate to reach out to your dedicated team at King&Co.
Here's to a smooth transition and continued success!