Key Legislative Reforms and Budget Measures for Employers starting 1 July 2024

As the new financial year commences, employers must stay informed about various legislative reforms and Federal Budget measures that will significantly impact their operations. Below is a detailed overview of the key changes:

National Minimum Wage and Award Wages

Effective immediately, the National Minimum Wage and minimum Award wages have increased by 3.75%. This adjustment is crucial for ensuring fair compensation and maintaining compliance with updated wage standards.

Paid Parental Leave

Eligible employees will now benefit from an additional two weeks of paid parental leave. This extension aims to provide better support for working parents, helping them balance their professional and personal responsibilities more effectively.

Superannuation Guarantee

The Superannuation Guarantee has been increased by 0.5%, raising the employer contribution rate to 11.5%. Employers need to adjust their payroll systems to accommodate this change and ensure that employees’ retirement savings continue to grow.

Fair Work Information Statement

An updated version of the Fair Work Information Statement has been released and is now available on the Fair Work Commission website. Employers should download the latest version and ensure that all new employees receive this essential document as part of their onboarding process.

High-Income Threshold

The High-Income Threshold has been increased from $167,500.00 to $175,000.00. This change affects various employment entitlements and protections, including those related to unfair dismissal claims.

Unfair Dismissal Claims

The compensation limit for Unfair Dismissal Claims has also been raised, from $83,750.00 to $87,500.00. Employers should review their dismissal procedures and ensure compliance with these updated limits to avoid potential legal issues.

Industrial Manslaughter

A significant addition to the Commonwealth Work Health and Safety Act is the introduction of a new criminal offence: Industrial Manslaughter. This legislation underscores the importance of workplace safety and holds employers accountable for serious safety breaches that result in fatalities.

Seeking Assistance

Understanding and implementing these changes can be complex. If you require any assistance in reviewing your obligations or have questions about how these changes will impact your business, please do not hesitate to contact us. Our team is here to help you navigate these reforms and ensure that your business remains compliant with all legislative requirements.

Should you require any assistance in reviewing your obligations or if you have any questions about these changes and their impact, please contact us.

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Fair Work Minimum Wage Increase Decision for 2024