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Annual minimum wage to increase, by your bookkeepers for small businesses in Sydney

Did you know that approximately 2.3 million Australian’s are currently sitting on the minimum wage? The lowest paid workers in Australia are about to get their biggest pay rise in six years and our bookkeepers for small businesses in Sydney will tell you about it.

With the largest pay rise for workers on the minimum wage being implemented in this years budget, professionals still say that this won’t be enough for them to get out of poverty. While the employees are satisfied with the pay increase, studies reveal that unions and business groups are not happy with the 3.3% increase in the national minimum wage and modern award minimum wages.

The minimum wage is said to increase by approx., $22.20 per week, which is double of what businesses and unions wanted, the weekly income will now be just below $700 per week. After some research, our small business bookkeepers in Sydney found that Australia’s weekly minimum wage will make it the second highest minimum wage in the developed world.

While this pay rise is good for our employees, businesses might struggle a little. If you need help with managing your updated payroll, it is essential for you to seek a small business bookkeeping professionals in Sydney.

As always, feel free to contact our bookkeepers for small businesses in Sydney if you have any enquiries.