Be 1 July ready! National minimum wage to jump 2.4%
The Fair Work Commission has announced a 2.4% increase to the minimum wage; an increase which will come into effect as of 1 July, 2016.
The increase works out to a total of $672.70 per week or $17.70 per hour, equating to an annual increase of $821.60 per full time employee. According to the Fair Work Ombudsman, the above-inflation increase (inflation is currently sitting at 1.2 percent) is a reflection of the nation’s “robust” economic climate.
While there may have been differing opinions on the increase from industry bodies and unions, the decision means that businesses across Australia need to be ready for the changes. To ensure that your business is 1 July ready, we’ve complied a few tips to help your business out:
- Depending on your turnover and how many employees your business requires, the 2.4 percent increase could conceivably make a small dent to your bottom line. Being prudent with your inventory tracking by ensuring that you don’t over-order stock goes a long way. Revel’s intelligent real-time reporting feature can help you zone in on what’s selling and what isn’t with ease.
- Get in contact with Fair Work to accurately calculate minimum pay rates, penalties and allowances for your staff. This can be easily done online using the Fair Work Ombudsman’s Pay Calculator.
- And lastly, update your payroll as soon as possible to ensure that payments are accurate as of 1 July. Changes to payroll can be easily managed via the Revel management console. If you have any questions on how to update your employees pay within Revel, our 24/7 support team is always happy to help!