Last week, The Fair Work Commission’s Expert Panel handed down the 2022/2023 Annual Wage Review decision.
This decision applies to all private sector businesses, i.e. national system employers.
The majority of the Expert Panel determined that:
The majority panel determined that the increase to the National Minimum Wage and all Modern Awards will have an operative date of the first full pay period on or after 1 July 2023.
As a result of awarding a percentage-based increase, the monetary increase will differ from Award to Award and classification to classification, with weekly wages being rounded to the nearest 10 cents.
The increases also flow proportionately to junior employees, employees to whom training arrangements apply, employees with a disability and employees with piece rates of pay.
The South Australian Business Chamber is deeply concerned about the impact of the Fair Work Commission’s annual wage review.
The South Australian Business Chamber had backed its national body, the Australian Chamber of Commerce and Industry’s call for a total increase of 4% (3.5% to wages and 0.5% to super), the highest increase Australia’s peak business body has ever advocated for.
Businesses in South Australia support responsible and sustainable pay increases, but what was announced last week runs the risk of embedding high inflation in the economy, putting more pressure on household budgets, creating more pain for businesses and ultimately leading to job losses and higher rates of unemployment.
The increase will cost South Australian businesses approximately $614 million over the next 12 months.
If you require any immediate assistance regarding the annual wage review, please contact one of our friendly Workplace Advisors via the Business Advice Hotline at (08) 8300 0000 (select option 1).
Register now for our free webinar on Tuesday 20 June, outlining everything you need to know about the annual wage review.
