Annual wage reviews are coming in July 2022, how will this impact your business?

As is usually the case, the annual wage review is expected in July this year. Over the past 2 years in the Covid environment, a number of awards had staggered dates for their minimum wage increases (July, Sep & Nov).

It should be expected that the effective dates for any increases across all awards will revert to July.

National increases traditionally sit in the 2-2.5% range so this along with a 0.50% increase in super, along with a potentially shorter timeframe between increases may have a significant impact on our client’s payroll costs & applicable payroll liabilities.

Plus 1 Hint – now is the time to review your wages and plan/budget for the impact of potential cost increases on your business from July 1st 2022.

If you need any assistance with any of the above, please contact your Accountant.