A number of changes to wages and superannuation requirements are being made as of 1 July 2013. If your business employs staff, you may need to make changes to your payroll and superannuation processes.
Minimum Wage Increase
From the first pay period after 1 July 2013, there will be changes to the minimum wage and many allowances.
The minimum wage will increase by 2.6%, to $622.20 per week, or $16.37 per hour. Many allowances will also increase, as will penalty rates and casual loadings.
Even if you currently pay your employees more than the minimum wage, or have an Enterprise Agreement in place, it is essential that you review your employees wages to ensure that you are still paying them correctly after the increase, including any changes to allowances, penalty rates and casual loadings.
From 1 July 2013:
- The minimum superannuation guarantee that you must pay for your employees will increase from 9% to 9.25%. This is part of a number of changes that are being implemented over several years, which includes a gradual increase of the guarantee to 12% by 2019.
- The upper age limit of superannuation contributions has been removed. This means that if you have eligible employees over the age of 70, you will have to make contributions for them from 1 July 2013.
The changes to superannuation laws will continue to be phased in over the next few years. It is essential to keep on top of the changes, to make sure that you are meeting your obligations as an employer.
If you require assistance to determine your employer obligations or any other Workplace Law issues, contact Workplace Law Team.