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The Fair Work Commission (FWC) has announced an increase to award and minimum rates of pay by 3.75 per cent from 1 July 2024. This adjustment impacts approximately 2.6 million full-time workers, resulting in a weekly wage increase of about $33, bringing it to $915.91 for a 38-hour week. The national minimum hourly rate will be $24.10.
The FWC noted that the increase primarily addresses cost-of-living pressures for low-paid employees, even though inflation has decreased since the previous review.
Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra expressed concerns about the impact on business profitability and survival, emphasizing the need for urgent tax reforms and measures to boost business investment.
The recent decision by the Fair Work Commission to raise the minimum wage by 3.75% is a significant development for both employees and employers. For workers, this increase is a welcome relief in the face of rising living costs, ensuring that wages keep pace with inflation and provide a better standard of living.
For businesses, particularly small to medium enterprises, this increase represents an additional financial burden that could affect their bottom line. Paul Guerra, Chief Executive of the Victorian Chamber of Commerce and Industry, highlighted the potential challenges businesses might face, including increased operational costs and potential difficulties in maintaining profitability. He stressed the importance of government intervention through tax reforms and policies aimed at enhancing business productivity and investment.
At R J Sanderson & Associates, we understand the complexities that these changes bring to both employees and employers. It is crucial for businesses to stay informed and adapt to these regulatory changes to ensure compliance and sustain growth. Our team is here to provide expert advice and support to navigate these changes effectively.
For comprehensive assistance with employment obligations and workplace relations, contact our team.
Navigating claims in the Fair Work Commission can be stressful. Our consultants provide expert support to manage these claims effectively.
Ensure your business complies with laws regarding wages, awards, and entitlements. Our advisors offer professional support to help you meet your obligations.
This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.