Increases to annual minimum wage
Fair Work Commission has increased the national minimum wage and modern award minimum wages by 4.75 per cent in its Annual Minimum Wage decision announced today.
4.75 per cent increase to the national minimum wage and modern award minimum wages
How much is the minimum wage increase for my trade employees in 2024?
Affects all trade businesses including plumbers, electricians, builders, and HVAC technicians who employ award-rate workers. Will increase labour costs and may require adjustment to quotes and pricing.
Key takeaways
- Fair Work Commission has announced a 4.75% increase to minimum wages effective from today
- The increase applies to both national minimum wage and modern award minimum wages
- Trade businesses will need to adjust payroll for award-rate employees
- Labour costs will rise for businesses employing apprentices and award-covered workers
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