On Thursday May 30th the Fair Work Commission (FWC) announced an increase to the minimum wage of 3% or an extra $21.60 per week effective July 1, 2019. This increase will be passed on to those covered by Modern Awards, including the Banking/Finance and Insurance Award.
And on Tuesday June 4th, the Productivity Commission released its latest report which states that productivity growth in the Financial and Insurance Services has increased by 6.9%. We certainly deserve the pay rise.
What does this mean for me?
If you are on Award rates of pay as of July 1, 2019 your pay MUST be increased to bring it in line with the new minimum Award rate.
However, those on Enterprise Agreements and/or individual contracts are not affected by this increase unless their current pay is less than the new minimum award rate or their agreement specifically provides for wage movement inclusive of minimum wage decisions.
Once the FWC updates the new rates we will send you another update with the new pay tables so you can check you pay and contact us if you need assistance.