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National Minimum Wage Increase for FY24/25

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The Fair Work Commission announces a 3.75% National Minimum Wage increase for FY24/25

On 3 June 2024, the Fair Work Commission handed down its minimum wage decision which provides for an increase of 3.75% to the base rates of pay in the modern awards as well as the national minimum wage.

As a result, the national minimum wage will increase from $23.23 per hour ($882.80 per week) to $24.10 per hour ($915.90 per week) from 1 July 2024.

Businesses covered by a Registered Agreement

Businesses that are party to a registered workplace agreement must ensure that the base rates of pay provided under that agreement meet or exceed new minimum base rates of pay under the relevant underpinning modern award.

This includes ‘Zombie Agreements’ (i.e. registered workplace agreements approved before 1 January 2010) which were granted extensions by the Fair Work Commission, as well as enterprise agreements approved after 1 January 2010.

Superannuation Guarantee

From 1 July 2024, there will also be a 0.5% increase to the superannuation guarantee rate from 11% to 11.5%. Employers should review their current minimum wages to ensure that they account for the increase to both the superannuation guarantee and minimum wage rate decision.

Confused? Need help?

MST Lawyers offers an Annual Updater Service to provide businesses with a summary of minimum wage rates that apply in the 2024/25 financial year.

Businesses that register for the Annual Updater Service will be provided a summary of new minimum wage rates for each job classification contained in the relevant modern award or, if applicable, in its registered workplace agreement.

To register for the Annual Wage Updater service, please see attached registration form detailing the fixed fee cost associated with the update. 

For more information, please contact our Employment Lawyers by email or on telephone +61 3 8540 0200.