It's July: Employment Related Rate Increases Effective Now
From 1 July 2019, the national minimum wage and modern award rates will increase by 3%.
We have prepared a handy key thresholds table for the 2019/2020 financial year for employers. Click here to view the key thresholds table.
The changes will apply from the first full pay period starting on or after 1 July 2019.
What you Should be Doing now we are in July
- Review annualised salary arrangements to ensure that the annualised wage rate is sufficient to meet or exceed the employees' minimum award/minimum wage entitlements taking into account the 3% increase.
- Update payroll systems and processes to ensure the increased wages are paid from the first full pay period starting on or after 1 July 2019.
- Review enterprise agreement pay rates (where applicable) and ensure the pay rates do not fall below the applicable modern award base rate or the national minimum wage (as applicable).
Watch this Space
The Federal Government has flagged that it will change the eligibility age limit for the tax-free concession on genuine redundancy and early retirement scheme payments to align with the pension qualifying age, which will be raised to 66 years old as of 1 July 2019.
Can we Help?
If you have any questions about the effect of the 1 July 2019 threshold increases on your payment obligations as an employer, please contact our Labour, Employment and Workplace Safety team.
This publication/newsletter is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer. Any views expressed herein are those of the author(s) and not necessarily those of the law firm's clients.