Fair Work Commission – Annual Wage Review& Superannuation Guarantee (SG) Rate Increase as of 1st July 2024

The Fair Work Commission has announced that the National Minimum Wage will have an increase by 3.75% on the minimum award wages. This increase applies to the minimum award wages paid on or after 1 July 2024. In addition to this, the SG rate also increases from 11% to 11.5% from 1 July 2024.

If you have employees, whether they are covered by a modern award or a registered agreement, you need to check your employee’s rate of pay against the minimum award rate of the respective award for your industry, once they become published by the Fair Work Commission. You must ensure these rates are maintained and up to date before your first full pay period on or after 1 July 2024.

The SG rate increase should update automatically in your software program on 1 July 2024, however, please endeavour to check this rate has changed before processing your first full pay period on or after 1 July 2024.

For more information, and to stay up to date with other changes that are occurring, please visit the following link:

https://www.fairwork.gov.au/about-us/workplace-laws/annual-wage-review/2023-2024-annual-wage-review

Should you have any queries in regards to any of the above, or require assistance in updating your wages and superannuation for your employees, please do not hesitate to contact your accountant or relevant staff to assist you.