Federal Government changes to superannuation eligibility and the super guarantee rate came into effect today (1 July 2022). The Fair Work Commission has also mandated an increase in the national minimum wage and award minimum wage. Read the information below to find out how this will impact your business and check your payroll and accounting systems are updated. Eligibility for Superannuation Employers will need to pay super for employees, regardless of how much they earn. This is because the $450-per-month threshold for super guarantee (SG) eligibility is being removed. Read more ...... National Minimum Wage Increase The National Minimum Wage will increase by 5.2%, which amounts to $40 a week. The new National Minimum Wage will be $812.60 per week or $21.38 per hour. Read more ...... Award Minimum Wage Increase The minimum award wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and based on a 38-hour week for a full-time employee. Read more ...... #BrimbankBusinessLink
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