Changes for employers in FY22-23
With the beginning of the new financial year, things are changing for employers. From the first full pay period in July 2022, minimum wages under the National Minimum Wage and under most awards have increased. The National Minimum Wage has increased by $40.00 per week, which amounts to an increase of 5.2% on the existing rate. There are also changes to the super guarantee rates. From 1 July 2022:- the $450.00 super guarantee threshold has been abolished, and the super guarantee rate has increased from 10% in FY21-22 to 10.5% for this financial year. What does this mean? Some employees who were previously ineligible for superannuation payments may now be eligible and all eligible employees must be paid super at a rate of 10.5%. The super guarantee is set to rise to 12% by 1 July 2025, where it will remain constant for at least three years:- Period General super guarantee (%) 1 July 2002 – 30 June 2013 9 1 July 2013 – 30 June 2014 9.25 ...