On the 31st of May 2016, the Fair Work Commission (FWC) lifted the national minimum wage and awarded a 2.4% increase to all Modern Award wages. Australia's lowest paid workers will now receive a 2.4% increase, going from $656.90 per week or $17.29 per hour, to $672.60 per week or $17.70 per hour. This translates into an increase of $15.80 per week.
The FWC stated that the increase was in line with the annual CPI Wage Price index of 2.3% as published by the ABS and was in fact lower than the increase in 2016 as a result of a reduction in inflation and aggregate wages growth.
The new minimum wages will be implemented as of the 1st of July 2016 where more than 1.8 million people will receive the increase.
Contact one of our Consultants today to see what this means for you and how Strategy One Human Resources could be of assistance to you and your organisation.
*With thanks to the FCB Group for their assistance with this article