2 June 2016
FWC Decision on Award Pay Rates
On 31 May, the Fair Work Commission released its decision on award pay rates – all minimum wage rates in Modern Awards are to increase by 2.4%. The quantum of the wage increase is smaller than the corresponding increases in 2014 and 2015, but still significantly above the current rate of inflation.
The new minimum rates will be effective from the commencement of the first full pay period beginning on or after 1 July 2016. This means that any pay period that commences in June can be fully paid at the “old” wage rates, even if the payment for that pay period is made in July. The Chamber is currently preparing updated Award Pay Rate Summaries and it is expected that Summaries for most Modern Awards will be available to members by the third week of June 2016, with the updated Modern Awards available in the fourth week of June.
June Public Holiday
Members should note that the Queen’s Birthday public holiday will be observed on Monday 13 June 2016 in both the Australian Capital Territory and New South Wales.
By 30 June 2016, all employers are required to meet the SuperStream requirements for making superannuation payments for the benefit of employees. The requirements cover both the electronic transmission of funds (by EFT or BPAY) and the transmission of data about the payments in a particular format. More information is available from https://www.ato.gov.au/super/superstream/