The Fair Work Commission (“FWC”) has recently published its Annual Wage Review. The FWC have announced:
• The National Minimum Wage will increase to $23.23 per hour, or $882.80 per week based on a 38 hour week.
• There will be a 5.75% increase to minimum modern award wages.
• The increase will commence from the first pay period following 1 July 2023.
The FWC’s decision will greatly impact many businesses given the current economic climate and struggles faced by companies over the past 12 months. As such, we have set out the changes and what employers need to know moving forward.
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