HR Consultant GeelongMay 21, 2014
Payroll Budget 2014-2015 Financial Year
Be sure to consider the upcoming Annual Wage Review effective 1st July, 2014 when setting payroll budgets for the next financial year. Each year the Fair Work Commission announces the outcome of the Annual Wage Review which subsequently increases minimum wages specified in Modern Awards. In addition, the review increases the National Minimum Wage which affects individuals who are deemed to be Award free. Where an employee is paid
above the minimum rate specified in an Award or the National Minimum Wage, the percentage increase determined by the FWC may be absorbed.
Another key matter to consider when setting budgets is the further increase to the Superannuation Guarantee Contributions. Effective 1st July, 2014 contributions increase from 9.25% to 9.5%. For assistance in determining minimum pay rates or Modern Award classifications contact our HR Consultants Geelong at HR4Business or visit our web page for information pertaining to our HR and Payroll Auditing Services.