As of April 1, the adult minimum wage has increased to $22.70 per hour. The starting-out and training minimum wage rates have also been raised to $18.16 per hour.
Employers who pay their employees on a daily, weekly, fortnightly basis, or through an annual salary must ensure that their employees are paid at least the minimum wage corresponding to their payment basis. Any additional time worked should be compensated at a rate of at least $22.70 per hour.
It is essential to keep accurate records of hours worked, wages paid, as well as holiday and sick leave entitlements. These records should provide enough detail to demonstrate compliance with minimum wage requirements. If you have agreements in place with employees regarding accommodations or other benefits, ensure that these agreements are properly documented. Your wage records should reflect the wages payable before any deductions are made for the agreed value of accommodation, goods, or services.
Managing cashflow is an ongoing concern for businesses, and the recent changes may serve as a reminder to review your cashflow plan and cost controls. When facing additional pressures on cashflow, it can be beneficial to reassess your costs. This involves more than simply monitoring expenses. It entails examining all aspects of your business operations to determine if any systems (or the lack thereof) are resulting in unnecessary expenses.
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If you require guidance or support in navigating these changes, please don’t hesitate to reach out to us. We are available to provide the help you need.
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