Today the Full Bench of the Fair Work Commission handed down its annual wage review decision.
In summary, it has increased the National Minimum Wage (NMW) by 3%, which will take the NMW to $740.80 per week or $19.49 per hour. Overall this is an increase of $21.60 per week for all adults on minimum wage.
The Full Bench also increased minimum wages on all modern awards by 3%. Weekly wages will be rounded up to the nearest 10 cents.
The above increases will come into effect on 1 July 2019. Accordingly all employers who are bound by awards should review individual increases in the awards that apply at their workplaces.
The legislative framework that the Full Bench were required to take into account included:
promoting social inclusion through increased workforce participation;
relative living standards and the needs of the low paid;
the principle of equal remuneration for work of equal or comparable value; and
various economic considerations.
The increase that has been made this year to award wages and the NMW is less than the increase that was made last year. The Full Bench took into account that despite the recent fall in GDP growth, the Australian economy had performed moderately well and comparative data on the Australian labour market indicated that the market was strong.
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