The Fair Work Commission (FWC) has announced a 3.75% increase in Australia’s minimum wage and award wages, effective July 1. Apexnewsgh reports
This decision will boost the national minimum wage to $24.10 per hour and $915.91 per week for full-time workers, a increase of $33 per week. Approximately 2.6 million workers, equivalent to 20.7% of the national workforce, will benefit from this increase.
The FWC considered living standards, higher living costs, and workforce participation when determining the increase. While modern award minimum wages remain lower than they were five years ago in real terms, the FWC deemed it inappropriate to increase award wages significantly above the inflation rate. The increase is expected to have a limited effect on the broader economy.
The Australian Council of Trade Unions (ACTU) had advocated for a 5% increase, while the federal government pushed for an increase in line with inflation. Business groups had sought a modest increase. The FWC’s ruling has been welcomed by the government as “a win for workers” and a contribution to cost-of-living relief.
The increase will affect around 2.6 million Australians, predominantly women, part-time, and casual employees, who are more likely to be low paid. The FWC considered the cost-of-living pressures faced by these employees, particularly those in low-income households, in determining the increase.
While the increase is a step towards addressing the needs of low-paid workers, the FWC acknowledged that modern award minimum wages remain lower than they were five years ago in real terms. The government has committed to ensuring that the wages of Australia’s lowest-paid workers do not go backwards.
Source: Apexnewsgh.com
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