Following the Fair Work Commission's recent decision in the National Wage Case, the minimum award rates of pay will increase by 3.75%. This increase will commence from the first full pay period commencing on or after Monday 1 July 2024. In addition to the minimum rates of pay increase, the compulsory employer superannuation rate will also increase from the current 11% to 11.5% on 1 July 2024.
The information provided has been developed by REEF. The brochure is an important document as it is the pay guide for all employers who engage staff under the Real Estate Industry Award or the Clerks Private Sector Award. These two Awards cover more than 98% of employees working in the real estate industry.
On 1 January 2025 new Federal laws relating to Wage Theft will come into effect. The new laws make it a criminal offence for an employer to intentionally engage in conduct that results in the underpayment of their employees. Significant fines and jail time can apply. It is therefore critically important that employers in our industry remain vigilant about changes to the rates of pay, allowances and superannuation that apply to their employees.