Hair and Beauty Australia explains the recent annual wage increases.
Each financial year the Minimum Wage Panel within the Fair Work Commission (FWC) is responsible for reviewing and setting minimum wages for all employees under the national workplace system in all industries.
As part of the Fair Work Act 2009, the minimum wage panel has reviewed the minimum wage order and the current modern award minimum wages for all employees covered under Fair Work. This financial year, 2014-2015, the FWC has announced a decision that a 3.00% wage increase to the national minimum wage for all modern awards will come into effect from the first pay period starting on or after 1 July 2014. This means that all employers are required to re-calculate their wage rates to match not only the increase but the new penalty rates which will affect your salon.
Additionally, all employers must be aware that super obligations are changing. Employers will need to increase the compulsory superannuation payments made on behalf of employees from 9.25% to 9.5%.
Correct wages are vital for your business. If you are unsure or need help in calculating wage rates contact Hair & Beauty Australia on 1800 997 795 or via info@askhaba.com.au