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Fair Work Commission increases minimum wage by 3.5%

By Administrator | 6 June 2018

The full bench of the Fair Work Commission has this morning decided to increase the national minimum wage by 3.5%.

The increase will come into effect on July 1, and follows last year’s 3.3% increase.

From July 1, employees will be entitled to a minimum take-home weekly pay of $719.20, or $18.93 an hour. This represents a weekly increase of $24.30 for approximately 2.3 million Australians. Modern award wages will also be increased by the same amount.

In its decision, the full bench of the Fair Work Commission said it believes the 3.5% increase “will not lead to undue inflationary pressure and is highly unlikely to have any measurable negative impact on employment”.

Instead, the bench said the increase to the minimum wage “will mean an improvement in the real wages for those employees who are reliant on the national minimum wage and modern award minimum wages, and absent any negative tax-transfer effects, an improvement in their living standards”. Read more

Eloise Keating - Smart Company - 1 June 2018

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