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CHANGES TO MINIMUM WAGES - EFFECTIVE 1 JULY 2015

04-06-2015

Each year the Fair Work Commission carries out an annual minimum wage review. The 2015 annual wage review was announced on 2 June 2015, with the new minimum wage rates taking effect as of the first full pay period on, or after 1 July 2015.

The decision increases minimum weekly wages by 2.5%. The minimum wage is currently $640.90 a week or $16.87 per hour. As at I July 2015, this will increase to $656.90 a week or $17.29 per hour. This is a weekly increase of $16.00.​

This 2.5% increase in minimum wages also means a 2.5% increase in the minimum wages under each applicable modern award. Weekly wages will be rounded to the nearest 10 cents when calculating this. Fair Work is yet to update modern awards; updated rates should be available by 1 July 2015.

In the meantime for budgeting purposes, if you have employees paid according to the modern award rate you can calculate a 2.5% increase. An employer is not obligated to pass on the 2.5% increase to employees paid above the award rate, however, it is important to ensure the employee remains either equal to or above the new award rate.

Reference: http://www.goldseal.com.au/

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