Prime Minister Chris Hipkins has recently announced that the minimum wage in New Zealand will be raised to $22.70 starting from April 1, 2023. This represents a 7% increase from the previous rate of $21.20. It’s worth noting that the Starting-Out and Training minimum wage rates will remain at 80% of the adult minimum wage.
Even if your business doesn’t employ individuals earning minimum wage, this change can still impact your operations. Over time, wages tend to rise, and employees who missed out on a pay increase this year are likely to expect one in the future, especially if your business is doing well.
In addition to labor costs, inflation is predicted to drive up prices for everyday items. This can lead to increased running costs and higher prices for materials. Factors like rising petrol prices and supply chain challenges have already contributed to the increased cost of imported goods.
It may be time to evaluate your pricing strategy. Ideally, businesses should make small adjustments to their prices annually rather than implementing significant price hikes every few years. Incremental increases help avoid sudden price shocks for customers and keep your business competitive within the market.
If increasing prices isn’t a viable option or you need to make more substantial changes, it may be necessary to identify areas where you can reduce expenses. We can assist you in examining your business’s various aspects to identify potential areas for cost-saving measures.
Feel free to get in touch with us by giving us a call or sending us a message. We’re here to provide guidance and support to help you navigate these changes effectively.
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If you run a business in Wellington, it’s time to double-check that your payroll systems are up to date. As of 1 April 2025, the minimum wage in New Zealand has increased, and failing to adjust your systems could lead to non-compliance and financial penalties.
On 1 April 2025, the New Zealand minimum wage increased, and it’s crucial for Wellington business owners to ensure their payroll systems and employee records are up to date. Failing to comply can result in costly penalties and damage to your reputation — not to mention disgruntled staff.
Creating and maintaining a solid business budget is one of the most effective ways to manage your finances and drive business growth. For businesses in Wellington, budgeting isn’t just about predicting income and expenses — it’s a vital strategic tool that gives you control, clarity, and confidence.
From 1 April 2025, New Zealand’s minimum wage will increase, impacting businesses across the country. As an employer, it’s essential to understand how these changes affect your payroll, budgeting, and overall business operations. Here’s what you need to know to stay compliant and prepared.
The good news? There are practical steps you can take to regain control of your time and create a healthier work-life balance.
You started your business to enjoy the freedom of being your own boss — yet somehow, you’re working longer hours and feeling overwhelmed with admin, meetings, and constant demands.
The good news? There are practical steps you can take to regain control of your time and create a healthier work-life balance.
With 31 March fast approaching, now’s the perfect time to prepare for the end of the financial year. Acting early can save you time, reduce stress, and ensure your business is ready to thrive in 2025. If you’d like a checklist to guide you through the process, reach out — we’re here to help.
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