Starting from July 1 this year, the Fair Work Commission has announced that Australia’s minimum wage and award wages will rise by 3.75%.

Key Points from the Announcement:

  • New Minimum Wage: The national minimum wage will be $24.10 per hour, or $913.91 per week, based on a 38-hour workweek.
  • Wage Increase: This is an increase of about $33 per week from the current minimum wage, impacting around 2.6 million workers, which is approximately 20.7% of the national workforce.
  • Affected Workers: The increase will primarily affect part-time workers, women, and casual employees.
  • Effective Date: The wage increases will take effect from July 1, 2024.

This announcement by the Fair Work Commission (FWC) is set to positively impact 2.6 million Australian workers. One in five Aussie workers will receive a pay rise next month, providing much-needed relief amid ongoing cost-of-living pressures.

The 3.75% increase aligns with the forecasted wage growth for the Australian economy in 2024 as determined by the FWC.

Businesses may face challenges, such as adjusting their budgets to accommodate the wage increase. However, this change also presents a great opportunity to improve employee retention.

Higher wages can boost employee retention and satisfaction, benefiting businesses by reducing turnover and improving workforce morale.

Additionally, higher wages can stimulate the economy through greater consumer spending, positively impacting communities, including the construction and manufacturing sectors.

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