Minimum wage increase

From 1 July 2024, the national minimum wage will increase to $915.90 per week.

1. National Minimum Wage Increase: From 1 July 2024, the national minimum wage will rise to $915.90 per week, which equals $24.10 per hour for a full-time employee working 38 hours per week.

2. Modern Award Minimum Wage Increase: Minimum wage rates in all modern awards will also increase by 3.75% from 1 July 2024. This adjustment will impact around 20.7% of the Australian workforce.

3. Implementation Date: Employees will start receiving the increased rates from their first full pay period on or after 1 July 2024.

4. Coverage: The pay increase applies to all employees on minimum wage rates, including juniors, trainees, and employees with disabilities.

5. Reason for Increase: The Fair Work Commission cited cost-of-living pressures as the main reason for the 3.75% increase.

6. Comparison to Previous Years: This year's increase is smaller than the 5.75% increase in 2023, reflecting decreasing inflation and anticipated relief from tax cuts and other cost-of-living measures.

7. Employer Responsibilities: Employers need to ensure they adjust their employees' wages accordingly from 1 July 2024. They should also review annualised wage arrangements and enterprise agreements to ensure compliance with updated minimum award requirements.

8. Superannuation Guarantee Increase: Concurrently, the minimum superannuation guarantee will rise to 11.5% from 1 July 2024, which employers must implement.

For more detailed information, employers can refer to the Annual Wage Review 2023-24