Ahead for Business eNews: November 2022 edition
Free Business Wellbeing Online Training expanded, Safe Work Victoria Work Well Toolkit, managing financial stress as inflation grows, and more.
The Fair Work Commission has announced an increase to the minimum wage and award rates across Australia. This decision will impact around a quarter of the Australian workforce and approximately 260,000 small and family-owned businesses who pay minimum and award wages.
The new National Minimum Wage will change from $21.38 to $23.23 per hour or $882.80 per week, equivalent to an additional $80.20 each week (based on a 38-hour week). New award rates will vary depending on industry, you can check the Fair Work Ombudsman’s website to find the award rates for your employees. Small business owners will have to adjust pay runs for the first full pay period on or after 1 July 2023.
This increase will benefit many low paid workers who have been facing financial hardship due to cost of living pressures. The increase is likely to reduce stress and therefore improve staff mental health and morale.
But this wage increase will also have an impact on the bottom line of your small business at an already stressful time of high inflation and increased overheads. It’s important that you look after your mental health and wellbeing while you navigate how you will respond to this increase to payroll expenses:
Free Business Wellbeing Online Training expanded, Safe Work Victoria Work Well Toolkit, managing financial stress as inflation grows, and more.
The Rural Agribusiness Wellbeing Plan can help you improve and maintain your mental health and manage the day-to-day stress of work, as well as challenging times like busy seasons or adverse events.
Utilise the longer and colder nights to help improve your sleep habits over winter.
eNews: bringing together resources from the Ahead for Business digital hub with events and services from the community to support your mental health and wellbeing in small business.