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Top 5 Things You Need To Do To Ensure You Are Compliant with the New Wage Increase for 2022
As a result of the recent FWC Annual Wage Review, from the first full pay period on or after July 2022, minimum wages increase under the National Minimum Wage and under most Modern Awards but not all.
Additionally, please note that as of the 01 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is paid is being removed. You only need to pay super for workers under 18 when they work more than 30 hours in a week.
The super guarantee (SG) rate increase from 10% to 10.5% on 1 July 2022 and now must be applied.
With the updated wage increase by the labour government beginning 1 July 2022. here are the top things you need to do right by your employee and make sure your business is compliant and avoid unnecessary underpayments, internal conflict, or payment disputes:
1. Check all employee payroll details and changes to modern awards
or enterprise agreements to ensure the correct minimum wage is being paid
If an employee is under 18 years of age, check that they are only working more than 30 hours a week if you are required to pay
2. Update your payroll system with the new wage rates
If you need to update your books correctly, please make sure you engage with a qualified bookkeeper and working with the appropriate software.
3. Review your current staff budget and make any necessary adjustments
4. Communicate the changes to your employees in a timely and clear manner
5. Keep accurate records of all employee wages and hours worked and ensure you are paying at least 10.5% superannuation guarantee for all employees
For more information or a personalised recommendations with regards to your business case, Book a Free Consultation now by clicking the button below