Client Resources

    Minimum Wages Increase from 1 July 2024 - Your Obligations


    As part of the Fair Work Commission's Annual Wage Review 2023-24, from 1 July 2024: 
    • the National Minimum Wage increases to $915.90 per week or $24.10 per hour
    • award minimum wages increase by 3.75%.
    Other award wages, including junior, apprentice and supported wages that are based on adult minimum wages, will get a proportionate increase.

    The increase applies from the first full pay period starting on or after 1 July 2024. 
                  

    What you can do now


    The FairWork updated our tools and resources, to find your new pay rates: Learn more about the minimum wage increase at Minimum wages increase from 1 July 2024.
      

    Latest Closing Loopholes changes

    As part of the new ‘Closing Loopholes’ laws, there are upcoming changes that take effect on 1 July and 26 August. These could impact your business, so make sure you’re prepared for the changes.

    They include:
     •    changes to casual employment
     •    the right to disconnect for eligible employees (this doesn’t apply to small businesses until 26 August 2025)
     •    new minimum standards and protections for ‘employee-like workers’ in the gig economy and certain industries
     •    additional workplace delegates rights
     •    enterprise bargaining and agreement changes. 

    For a visual snapshot of all the Closing Loopholes changes, including when they start, check out easy-to-read timeline. 

    For a handy summary of the changes to enterprise bargaining and agreements, check out  Timeline of changes. 
    1. 1

      Check the updated minimum wage rates

      Visit the official government Fair Work Website to check the new minimum wage rates that will be effective from 1 July 2024.


      Pay attention to any changes in the rates for different job categories or regions.

    2. 2

      Review employee salaries

      Identify employees who are currently receiving wages below the new minimum wage rates.


      Review their employment contracts and payroll records in your accounting software/Xero to determine their current salaries.

    3. 3

      Adjust employees' wages

      Calculate the difference between the current wages and the new minimum wage rates for eligible employees.


      Update the employees' wages in accordance with the new rates, ensuring compliance with the law.


      Notify the affected employees of the wage adjustment and provide them with the revised salary details.

    4. 4

      Update payroll system

      Update your accounting software with the latest payroll rate so this is reflected in your future pay runs.


      Ensure that the payroll system reflects the accurate wages for all employees from 1 July 2024.

    5. 5

      Monitor compliance

      Regularly monitor and review the wages of all employees to ensure ongoing compliance with the new minimum wage rates.


      Address any discrepancies or errors promptly and take appropriate corrective actions.


      Stay updated with any further changes or updates in minimum wage rates and adjust employee wages accordingly.

    6. 6

      Contact our office for further assistance

      If you require any assistance with this service, please do not hesitate to contact our office.

      Note that services are subject to the hourly rates chargeable by the team member you engage with and can be estimated ahead of time at your request. 

      Contact - 1300 699 161
      Email - info@befinancial.com.au
      32 Main Rd Bakery Hill, VIC 3350