2024 Employer Updates: New Wage and Superannuation Guarantee Rates
The new financial year has commenced with important changes to wages obligations for employers. The National Minimum wage and Superannuation Guarantee amounts have increased.
Make sure you have checked if your employee is covered by the National system or the State industrial relations system. If your employee is covered by the WA state industrial relations system be aware that their increased amounts differ from the National system.
Superannuation Guarantee rate
Most importantly employers should be aware that this new rate applies for all wages paid to employees after the 30th June 2024 – regardless of when the pay period was earnt by the employee.
For example – Payroll period ending 30th June 2024 but not paid until 1st July 2024 must have the new SGC rate of 11.5%.
National Minimum wage
From 1 July 2024, the National Minimum Wage will increase by 3.75%. This means the new National Minimum Wage will be $24.10 per hour, or $915.90 per week.
This increase will apply from the first full pay period starting on or after 1 July 2024. This means if your weekly pay period starts on Wednesday, the new rates will apply from Wednesday, 3 July 2024.
For more information and other changes that you should know about go to the Fair Work Ombudsman website.
WA Award summaries and minimum pay rates have increased
The Wageline WA award rates of pay have been increased and becomes effective for the first full pay period on or after 1st July 2024.
The state minimum wage for all employees aged 21 and over has increased to $918.60 per week and minimum rates for younger employees, trainees and apprentices have also received increases.
All employers should check the published summaries online – follow these links for more details:
Visit www.demirs.wa.gov.au/minimumpayrates for the new minimum rates for award free employees.
As you navigate these changes, staying informed and compliant is crucial. At MKG Partners, we are here to help. Our team of experienced accountants can guide you through these updates, ensuring your business stays compliant and successful. Contact us today to learn how we can assist you with your wage and superannuation obligations.
