With the end of financial year looming (EOFY), small to medium enterprises (SMEs) are being urged to ensure they are across any changes that may occur in the new financial year beginning in July.
Any changes that are made by the Fair Work Commission (FWC) to the national minimum wage and award rates will need to be implemented on the first full day period on or after 1 July.
While each industry has different base rates and awards to abide by, there is still a core minimum wage that all of Australian businesses in Australia must adhere to.
A reduction to public holiday penalty rates under some awards will come into effect on 1 July, while the FWC has suggested a gradual reduction to Sunday penalty rates.
Employsure managing director Edward Mallett said this is important information for small businesses.
“Workplace compliance can feel like a minefield and it is essential to get the right advice to avoid paying too little or too much,” he said.
Under the general retail industry award, the changes are as follows:
- Sunday penalties to be reduced from 200% to 150%
- Public holiday penalties to be reduced from 250% to 225%
- Sunday penalties to be reduced from 200% to 175%
- Public holiday penalties to be reduced from 275% to 250%