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Minimum Wage Review 2024 and increase to Superannuation Rate

Payroll and leave entitlements compliance guide for employers

National Minimum Wage Review
On Monday 3 June 2024, the Fair Work Commission handed down its 2023 Annual Wage Review Decision, which will see:

  • all minimum wage rates in Modern Awards increase by 3.75%;
  • the National Minimum Wage increase to $915.91 per week or $24.10 per hour; and

These wage increases will take effect on the first full pay period on or after 1 July 2024.

Superannuation Guarantee Rate Increase
On and from 1 July 2024, the Superannuation Guarantee Rate will increase to 11.5% from its current rate of 11%.

The Rate is scheduled to increase by a further 0.5% next year in July 2025 when it will reach and remain at 12%.

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